DTN Closing Grain Comments 01/31 13:56

DTN Closing Grain Comments 01/31 13:56 Grain Markets Uneasy as Feb. 1 Tariff Deadline Arrives Ag markets were mixed overall to close the week on Friday as the featured headline across the economy in general was President Trump's announcement that the administration is planning on going ahead with a 25% tariff on Mexico and Canada on Saturday, keeping in line with the deadline set when he took office two weeks ago. This had the market initially down heavily, but prices rebounded somewhat through the session as many still believe the threat is simply more of a negotiation tactic than anything. President Trump's indecision regarding whether to include crude oil products in the tariffs is a perhaps a hint toward this. As a result, outside markets have shown a very subdued reaction as equities are slightly higher and again closing in on record highs. Crude oil futures also relaxed on Friday, coming close to trading to the January low set at the beginning of the month. Rhett Montgomery DTN Lead Analyst GENERAL COMMENTS: March corn closed down 8 1/4 cents and May corn was down 8 1/2 cents. March soybeans closed down 2 cents and May soybeans were down 2 1/4 cents. March KC wheat closed down 9 cents, March Chicago wheat was down 7 cents, March Minneapolis wheat was down 4 3/4 cents.