Grain News – Markets Steady
With the government shutdown in day 25, no big reports, markets continue to be steady. China announced income tax and other fees reduction. China is looking to keep their economy growing and claims that domestic gross product is growing near 6.5% which is slow for their standards. It is felt that the true number is 1.5% in China. This is seen as a negative in an export-based developing economy.
Brazil Parana area is reporting safrinha corn planting is now 9% complete vs last year at 0%. Mato Grosso is 5.6% harvested on beans and 10% in Parana. Beans are getting harvested faster than last year due to drier conditions. The weather is calling for rain in the next week. Brazilian soybean values continue to slide lower as harvest gears up and improving odds of US/China resolution of the trade war (which will be bearish to S. American values).
Please join us for our Grain Marketing Meetings on February 19 and 20th. Kevin Riesberg from RJO ‘Brien will give a market update.
Make sure to have open offers in for old and new crop. Make sure to also be looking into Spring 2020 corn. July 2020 corn is at 4.22 board.