A year ago, the July 2019 futures were $10.46, compared to $8.296 today.

Reader CoRev writes on July 9th:

…no one has denied the impact of tariffs on FUTURES prices. Those of us arguing against the constant anti-tariff, anti-Trump dialogs have noted this will probably be a price blip lasting until US/Chinese negotiations end. We are on record saying the prices will be back approaching last year’s harvest season prices.

The following graph confirms not only are prices not back to last year’s harvest, but to what has been recorded for futures contracts over the past five years:

Source: barchart.com, accessed 5/26/2019.

So…much…winning. So much, we need to dole out another $16 billion to our farmers.

Thanks to CoRev for providing so much falsifiable hypotheses.

 

 

This entry was posted on by Menzie Chinn.