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China announced Aug. 23 that it will impose additional tariffs on $75 billion of U.S. goods in retaliation for President Donald Trump’s latest planned levies on Chinese imports. The measures include an added 5% tariff on soybeans and an extra 10% on American pork as of Sept. 1. Corn and cotton products were also on the list.

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Prospects are that soybean prices will continue to be low over the next several years, leading to a period of lower farm incomes.

Even given those prospects, prices could go even lower, causing more financial stress to develop. Herein, we present an adverse set of prices that could plausibly occur but are not likely to occur.

I think we have some pretty decent crops in our area. The rains Saturday night were huge. There was a little wind but nothing major. It was not a good haymaking week, with a couple of little showers and poor drying conditions. I drilled alfalfa and orchard grass Saturday so the rain was huge for that. I think there’s some pretty good yield potential on corn in this area.

We ended up being on the drought monitor this past week, but an inch of rain this past weekend makes me optimistic we will be out of that. Thin parts are starting to show up. I have a 111-day corn planted on April 24 that is starting to dent. We are starting to get knee deep into cover crop stuff and final recommendations put into place. Next week we might start flying cereal rye on.

Corn and soybeans were firmer in light trading overnight thanks to lower-than-expected crop ratings on Monday from the USDA and early thoughts from the Pro Farmer tour, according to Allendale.

The weekly USDA Crop Progress report Monday afternoon pegged corn at 56% good or excellent, down 1% from the previous week, according to CHS Hedging.

The cattle complex was mixed with live cattle holding steady and feeders slightly weaker. Both markets put in major reversal up early this wee…