Friday, July 20, 2018
Mid-Day Markets: Corn +4 old & new. Soybeans +2 old & new. Wheat +15.

The grain markets are higher as wheat futures take out the July highs, rally to a 1-mo high. Nearby corn futures have a chance to close above the 20 day moving average – 1st time since May! Wheat continues higher as Black Sea wheat rallies on quality/prod/weather concerns. Beans are a touch higher, able to shrug off the trade war news but unable to push thru 20 day. The dollar is sharply lower after scoring new highs Thursday; Gold and silver bouncing off 1-yr lows. Pres Trump threatens to impose tariffs on all imports of Chinese goods (roughly $505 billion). Pres XI says he has no interest in budging on demands for protection of intellectual properties.  According to Chair of House Ways & Means, there’s “no discussions occurring or planned” with China. Meanwhile, Canada and the EU made it clear they would retaliate if US unveils auto tariffs. There is news from Mexico the NAFTA talks with US would resume on 7/26; CA is “wait & see”. Lastly, Trump breaks the decade’s long tradition of Presidents not commenting on monetary policy.
Reports this afternoon: Commitment of Traders report and the Cattle on Feed report.
Have a great afternoon!!!
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.


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