Grain News – Markets Slowly Climbing Back
Markets are continuing to slowly climb back from last Friday’s report. This morning’s exports were better than expected for beans and wheat, but disappointing on corn. The USDA announced 72.4 million bushels of bean exports, 25.9 million bushels of wheat, and 21.2 million bushels of corn to be exported.
The five-day forecast shows rain for 95% of the Midwest with low pressure systems moving in from the Plaines. Temperatures should be around average for the rest of the week, but a cold snap will cool things down at the end of next week. Field work will most likely be slow until the fields get a chance to dry up.
In trade news today, India is allowing 100K tons of non-GMO corn to be imported at 15% tariff compared to their normal 60% import tax. US negotiators met with Chinese officials on Wednesday, and President Trump is expected to host Vice Premier Liu this afternoon in The White House. Sources have indicated that a deal could be close that would have the Chinese buying a trillion dollars of US commodities between now and 2025. Have your orders in working, especially before you get too busy in the fields, so that you can take advantage of any trade talk rallies that may be short lived.
As we all try to stay optimistic about a trade deal, remember that a good marketing plan also takes into account the calendar. While we will continue to hope for a bounce in markets, make realistic decisions in your sales to manage your risk.
Have a great day!