The USDA will release its World Agricultural Supply and Demand Estimates (WASDE) report, and while that is happening the president will still be in Singapore after a historical meeting with North Korean leader Kim Jong Un.
Pro Farmer policy analyst Jim Wiesemeyer and Pro Farmer editor Brian Grete have a long week ahead.
AgriTalk host Chip Flory asked Grete what he expected from the report set for release on Tuesday.
“I don’t think there will be a lot of movement on the carryover ending stocks estimates,” said Grete. “The bigger focal point is going to the global, specifically in South America.”
With Fed meetings this week, Grete’s thinking is in line with most experts that we can expect an interest rate hike around a quarter point. He also said the expectation right now is that there will be another rate hike in September, and possibly another in December.
Over the weekend the president made headlines exchanging blows, in the form of tariffs, with Canada following the G7 summit in Quebec.
“This should leave no doubt that Trump is fed up with non-reciprocal trade agreements,” said Wiesemeyer. “But this won’t change the underlying close relationship we have with Canada, the European Union, and etc.”
As far as the meeting with Kim is concerned, Wiesemeyer said this meeting is a big link into China and whether there will a postponement in tariff announcements. He also said that he expects this is the first of many meetings for the two leaders.
Also, don’t forget to catch the latest from Machinery Pete on Monday’s AgriTalk. He highlights his pick of the week and talks about machinery he saw during his trip to Ireland.
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