Morning Highlights


  • U.S./Chinese talks have stalled, reportedly due to China wanting to see restrictions lifted off Huawei first, but trade officials will converse by phone later today.
  • The Baltic Dry Index of ocean freight made new highs today of 2011, the highest level since January of 2014.
  • Continued hot and dry conditions are forecast for France next week, putting more drought stress on crops there.
  • Outside markets as of 7:00am CT: Dollar down 12 at 97.172, Crude Oil up $.30 at $57.08, Dow down 42 at 27189 and Gold down $1.50 at $1421.80. 


  • Corn exports were 333tmt vs estimates of 350-800tmt in today’s weekly export sales report.
  • 336 corn receipts in deliverable warehouses were cancelled yesterday.
  • China auctioned off 522.9tmt of corn last night, reportedly the lowest amount in 9 weeks.
  • Weekly ethanol production was up 19k bbl/day to 1.066mil bbl/day in yesterday’s report.Ethanol stocks increased 356k bbls to 23.37mil bbls. 

    Outlook:  Good rains in Iowa yesterday and a cooler/wetter forecast for most of the belt are helping pressure prices this morning. 


  • Since the OMB has completed their review of MFP2 (second tariff aid package) and planting season is over, there is talk that USDA may make an announcement today about signup for the first tranche of payments.
  • Soybean exports were 326.3tmt vs estimates of 100-700tmt, soymeal were 214.8tmt vs estimates of 50-300tmt and soyoil were 13.7tmt vs estimates of 5-50tmt. 

    Outlook: Weather seems to have taken the lead of price influence this morning.  Post “Biscuit break” trade should bring in more volume. 


  • Wheat export sales were 347.3tmt vs estimates of 200-400tmt.
  • Egypt bought 60tmt of Russian wheat in their snap tender yesterday.
  • Japan bought a total of 51.8tmt Canadian Spring and Australian White wheat. 

Outlook: Wheat gapped lower overnight and all 3 classes are testing their early July lows.