Grain News: April 16, 2019 – Trade Optimism
Trade optimism and a slow start to planting gave headlines a friendly tone to start the week but a drier Western Corn Belt outlook tempered the anticipation of higher prices. Monday’s U.S. corn planting was at 3% vs the expected 5% and vs the 5-year average of 5%. Spring wheat planting was at 2% vs the expected 4%. Next weeks progress is already expected to get further behind the 5-year average.
A statement from Treasury Secretary Steve Mnuchin and U.S. Trade Representative Robert Lighthizer that the U.S. and China are “getting close to the final round of concluding issues” continue to give optimism to an outcome while many start to speculate what could be involved in such a deal given the state of the Chinese swine industry as it relates to meat (including beef and poultry) as part of the deal. China was on the export shipments list for the week ending April 11 with two cargoes of soybeans 4.8 million bushels. Soybean export inspections in yesterday’s report was on the low end of expectations at 460 tmt, down from last week’s 888tmt.
Grain markets will be closed this Friday for Good Friday.