The media are still absorbed with political analysis and what it means for exports and imports of not only US product but what opportunities the implementation of trade barriers into the US may offer international exporters.
If Trump delivers on pre election promises and introduces trade barriers and tariffs back into the system for imports from some regions it could do two things.
One, it could glut America with export product as those affected by the US barriers retaliate with barriers of their own for US exports or it could increase the value of that export by a similar percentage to the value of the trade barrier applied. So other countries that export the same products may actually see the value of that product increase while the value of that product in the US decreases.
Either way we are relying on a politician to deliver on a pre election promise in order for any of this to happen, so good luck predicting the future guys.
The trend around the world is leading politics back to their domestic situation and away from globalisation. Some argue this is a good things and had to happen, others say we are standing on the edge of the abyss and the world is about to end. Personally I think we all need to turn the TV off for a month and get on with reality.
Grains were generally softer overnight this is in some way related to the above but China is also cracking down on speculation in markets.