Good Morning,

News is limited overnight, but meetings are taking place in Washington today. A decision regarding new tariffs will start being made today as President Trump meets with his trade team. Whether additional tariffs are added or held off, or some tariffs pulled back will indicate how close the US Government is to a phase one deal with China. You can expect leaks and erratic trade in equities and commodities into Friday’s close.

US export sales were 502,700 mts of wheat, 873,500 mts of corn up 60% from last week and 28% from the prior 4. Bean sales were 1,050,100 mts up 54% from last week and down 17% from the 4 week average, with China taking the bulk of the sales. Argentina corn was sold into Brazil yesterday, which shows Brazil has exhausted supplies, yet some corn still remains in Argentina at cheap CIF than the US.

Look for choppy trade to continue into Friday with anticipation of what may or may not be done on the trade front.

Have a Safe Day!

Garry Gard