Morning Markets: Corn +1. Beans +4. Wheat +3.
The grain markets are seeing follow-thru buying this morning, pushing nearby corn and bean futures to new highs for the week. The recent strength is attributed to comments on Thursday from US Sec of Treasury, suggesting the US should lift some tariffs while in talks with China. Equities are sharply higher while crude bounces and the US dollar index is slightly weaker.

Crude Oil is up $0.65 at $52.72
Gold is down $7.00 at $1,285.30
US Dollar is down $0.043 at $95.670
Global Equities: Japan +0.9%, China +1.3%, and Europe +1.5%.
Dow futures up 130 points at 24,451
Malaysian Palm Oil: +1.0%, near 3-month highs
EU MATIF Exchange: Corn and What both trading higher
China’s Dalian Exchange: Corn +0.3% and soybeans -0.4%.
·         6-10 DAY FORECAST: Temps are below normal over most of the US; West Coast is warmer than normal. The West Coast and TX/OK/AR are below average precipitation, while the Upper Plains, Midwest and East Coast are all above normal precipitation.
·         The weather outlook for South America has rainfall for most of Brazil except the far northeast region over the next 5 days; the 6 to 10-day forecast has average to a bit below average rainfall except for the dry areas of the northeast. Argentina’s weather looks mostly dry for the weekend and into the first half of next week before a front brings soaking rains to all areas later next week.
·         The European Union is insisting to keep agriculture out of the EU-U.S. trade negotiations despites Washington's wishes to include the vast sector. The EU Commission announced Friday its proposals for a negotiating mandate from the 28-member states and said that the EU negotiations will be "strictly focused on the removal of tariffs on industrial goods, excluding agricultural products." EU Trade Chief Malmstrom insisted also that she is preparing a target list of American products it will hit with punitive tariffs if the Trump administration goes through with its threat to impose tariffs on European auto imports.
·         The St. Lawrence Seaway saw its highest cargo numbers since 2007 last year, propelled by a spike in grain shipments and global tariff wars that worked in Canada's favor. Shipments hit 40.9 million tons in 2018, a seven per cent year-over-year increase. Grain made up nearly one-third of all tonnage, rising 20 per cent from 2017.
·         The Buenos Aires Grain Exchange reported 99% of the Argentina soy crop is now seeded. The Exchange rated the crop at 51% good to excellent versus 35% a year ago. 47% of the crop is blooming and 15% is setting pods. Wet conditions led the Exchange to lower planted area to 17.7 million hectares, down from its previous estimate of 19.9 million. Buenos Aires Grain Exchange estimated Argentina final wheat production at 19.0 MMTs versus the USDA’s estimate of 19.5 MMTs.
·         N/A
Have a great day!!!!
Chelsey White
Emery Branch Manager/Originator || Topflight Grain Coop
593 Emery Rd.
Maroa, Il 61756

This material should be construed as market commentary, merely observing economic, political and/or market conditions, and not intended to refer to any particular trading strategy, promotional element or quality of service provided by Topflight Grain Cooperative, Inc. Topflight Grain is not responsible for any redistribution of this material by third parties, or any trading decisions taken by persons not intended to view this material. Information contained herein was obtained from sources believed to be reliable, but is not guaranteed as to its accuracy. Contact Topflight Grains designated personnel for specific trading advice to meet your trading preferences. These materials represent the opinions and viewpoints of the author, and do not necessarily reflect the viewpoints and trading strategies employed by Topflight Grain Cooperative, Inc.
Copyright DTN. All rights reserved. Disclaimer.
Powered By DTN