President Donald Trump now says there is no reason to meet with Chinese President Xi Jinping at the end of the month. Trump’s comments are in response to new Chinese restrictions on exports of rare earth minerals used by the U.S. tech sector. On Truth Social, Trump said he is considering a “massive increase” in tariffs for China. Total Farm Marketing Senior Market Advisor Bryan Doherty says this is not a step in the right direction. Soybean prices were already dealing with large supplies and harvest pressure. That is further complicated by what’s happening in Washington, D.C. “I’ve always said it’s hard to out-guess politicians,” said Doherty. “There was a lot of favorable talk of a money bridge and tariff money used to pay farmers, but with the government shutdown, you don’t have any advancement of that, so there’s more uncertainty.” Soybeans suffered double-digit losses on Friday, but had small gains in the overnight trade.
