NASS reported crop conditions for corn at 57% Gd/Ex and 55% Gd/Ex for soybeans. Rating were up 1% from last week. 27% of the corn crop is in the dent stage vs 46% of the 5 year average and 71% is in the dough stage, vs 87% on average. 79% of the beans are setting pods with average at 91%. Almost 20 million acres of beans are not setting pods yet.
While there is no threat of frost in the 15 day forecast, some private forecasts look for a cool down in the coming weeks, and a loss of growing degree days looks imminent according to some forecast. The Artic Polar Vortex is expected to break South from Canada and move in the Central US. Temps similar to the Spring are forecast to return, cooler nights in the 40 and 50’s.
Chinese officials deny that any call took place over the weekend about China wanting to hold talks geared toward a resolution to the current trade war so for now the saga continues. While traders will continue to look for news from the trade issue, it has become something to trade when there is no other news as most anticipate this to drag on. Personally I believe the Chinese will hold tight until the 2020 US Presidential election to see if they can get a new leader to negotiate with. Regardless of when a deal gets worked out, the US famer has taken a hit that he will not recover from. The Chinese have found several new sources and alternatives for the commodities that we used to export.
Corn is currently down 1 and soybeans are down 8 to start the day.
Have a Safe Day!