7/16/2019 6:25:07 AM
- Treasury Secretary Mnuchin said he expects to resume a dialog with Chinese officials about trade discussions later this week.
- Cooler temperatures are forecast for the cornbelt after this weekend, but with limited rainfall predicted.
- Outside markets as of 7:00am CT: Dollar up 306 at 97.229, Crude Oil down $.12 at $59.46, Dow up 43 at 27385 and Gold up $2.00 at $1415.50.
- 17% of the corn crop is silking, well behind the 5 year average of 42% for this date. Corn is rated 58% Good/Excellent, up 1 from last week.
- Agrural estimated Brazil’s Safrinha corn crop is 56% harvested, up 12 points from last week.
- Corn export inspections were 676tmt for last week, mid-range of expectations.
Outlook: Weaker follow-through after the September contract made a key reversal lower in yesterday’s trade.
- 22% of the soybean crop is blooming, which is well behind last year’s 62% and the 5 year average of 49%. Soybeans G/E rating is 54%, up 1 from last week.
- The NOPA crush report estimated 148.843 mbu of soybeans were crushed in June. That was the smallest amount since September 2017. Flooding issues at some processors reportedly contributed to the decline.
- Soybeans closed 13 ½ cents lower on China’s Dalian market overnight.
- 854tmt of soybeans were inspected for export last week, that was above the highest estimate and the largest amount in 14 weeks. China was the destination for 54% of that total.
Outlook: Soybeans gapped lower in overnight trade after yesterday’s reversal lower, albeit on very light volume.
- 57% of the winter wheat crop has been harvested, compared to 71% on average. The HRS crop is rated 76% G/E, down 2 from last week, with declines shown in Idaho, Montana and North Dakota.
- Russia’s wheat production estimate was lowered 1mmt, by the Ikar consultancy, to 77.5mmt. USDA is currently estimating 74.2mmt.
- Taiwan issued a tender for 90.65tmt of U.S. wheat for September 3rd to October 2nd shipment in two consignments.
- Wheat inspections were 315tmt, the lowest amount so far in the new marketing year, but HRW accounted for 60% of the total.
Outlook: Wheat is starting the day slightly lower in very thin trade.