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Futures Close Report 1st May

Escalation of trade tensions between China and US over C19 as Trump threatened a new round of tariffs on Chinese goods, stating that the Phase One trade deal is now secondary to China’s poor handling of the C19 pandemic.  Funds have been covering back in short positions held in CBOT as a result.

Concerns over US meat production – significantly down week on week,  leading to a glut of both pigs and cattle on farm –  short term increase in feed demand,  but overall herd figures seen reducing which could affect forward supply.