Tidbits, Q&A: Wheat in the Bin, Tariffs, Crude Oil 8/2/25
- Wright team
- Aug 2
- 6 min read
Tidbits
Yesterday morning, the USDA reported the sale of 125,000 mts of new crop corn to unknown and 227,160 mts of new crop corn to a “different” unknown.
The futures financials priced-in a 75% probability the Federal Reserve will reduce interest rate 25 basis points (0.25%) in September, up from 45% before yesterday’s jobs data, which showed nonfarm payrolls rose by 77,000 in July, well below market expectations of 110,000. Worse yet, 258,000 job gains were removed from the data of the previous two months, erasing the view that the US labor market was robust. Consequently, markets reconsidered their expectations of a Fed cut in September and now expects two rate cuts yet this year.
The U.S. unemployment rate rose 0.1% to 4.2% in July from June.
In an executive order, President Trump imposed new tariff rates on countries that failed to reach updated trade agreements with the US.
Trump's move has now reshaped America's trading relationships worldwide with new tariffs on more than 90 countries with updated duties ranging from 10% to 41%.
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