Morning Markets: Corn -2. Soybeans +5. Wheat -5.
The grain markets are mixed with soybeans slightly higher while corn and wheat futures are a few cents weaker. The US dollar is slightly lower following yesterday’s moderate rally. Wall Street is gaining back some of yesterday’s large losses with Dow futures trading 90 points higher. Crude oil is making another new low for the move and is down over 23% from its October high.
Crude Oil is off $1.23 at $58.70
Gold is off $4.30 at $1,199.20
The US Dollar is off $0.047 at $97.335
World Stocks, Japan down 2.0%, China up 0.6%, Europe up 0.4%, Dow futures up 137 points
Malaysian Palm Oil: down 2.1%, lowest level since September of 2015
Dalian Exchange: Corn, soybeans and meal all trading lower
EU corn trading higher and wheat trading lower

·         Rains in the Mid-South may reach up into southern Illinois later this week, but the rest of the Midwest otherwise looks to lean dry over the next four days. Another Midwest snow event could come over the weekend.
·         The weather for South America remains positive for early crop development. Argentina received additional rains overnight with the heaviest amounts occurring in the northeast. Near-average rainfall is expected throughout Brazil’s main growing regions over the next 10 days.

·         Weekly grain inspections will be released today. Corn inspections are estimated at 45-50 million bushels, soybeans 40-45 million and wheat at 14-16 million bushels.
·         Today’s Crop Progress and Conditions report is expected to show corn harvest as of last Sunday at 85-88% complete. Soybean harvest is estimated at 92-95% complete.
·         Treasury Secretary Steven Mnuchin has resumed discussions with his Chinese counterpart, Vice Premier Liu He, about a deal that would ease trade tension, ahead of a meeting of the leaders of China and the U.S. set for the end of the month. The two spoke by telephone on Friday, as the U.S. demands that China put forward a concrete offer before negotiations on a trade deal can take place. Chinese officials are resisting and say they want to talk first before making a formal proposal. They worry that once they make a formal offer, they will lose leverage, say officials in both countries.
·         Agribrasil sees Brazil’s soybean exports reaching as much as 83 MMTs on strong Chinese demand, up from 68 million tons last year. Shipping agent Williams expects Brazil’s soybean exports to surpass 80 MMTs.
·         Iraq’s new trade minister is considering opening channels to buy Black Sea wheat – specifically Russian. Most of its imports currently come from the US, Canada and Australia.
·         China’s feed mill Tangrenshen says African swine fever was NOT found in its animal feed (as was reported yesterday). Normal operations at the mill resumed on Tuesday.
·         Germany’s winter rapeseed seedings have been cut by 18% due to dry weather according to an industry group.

·         USDA says 276,732 tons of beans sold to unknown in 18/19.
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