The announcement of tariffs on 60 countries this morning took the bloom off overnight gains.

July 24, 2026

Grain Overview

It was just another evening where grains rally in the night, usually making new highs for the week, but peaking when the Matif opens near 4 AM and drifting into our daylight hours. This morning, though, that turned the accelerator to the downside at 7:00 a.m. Eastern time when the White House announced it was going through with Section 301 tariffs on 60 countries accused of failing to “impose and effectively enforce” bans on goods produced with forced labor. That took the markets eyes of weather and Black Sea issues, and squarely on the “oh my God, here we go again” mentality that demand may get shifted from the US.

Goods from countries including Canada, Mexico, India, and the UK will face a 10% duty, while imports from the European Union and Taiwan will be taxed at least 10%. Products from Japan, South Korea, and Switzerland will face levies of at least 12.5%, with dozens of other countries subject to a flat 12.5% tariff. Fuel, food, fertilizer, and products already covered by sector-specific tariffs, including automobiles, metals, and pharmaceuticals, will be exempt. Goods qualifying under the US-Mexico-Canada trade agreement will also be excluded.