Trade is quiet this morning after a three day weekend for traders. Corn is currently down 1 and soybeans are down 4. News this week will continue to focus on the US-China trade, export data and the Ag Outlook Forum.
China has trade representatives in Washington DC to resume talks with the hope of making some progress ahead of the March 1st deadline.
The USDA will release six weeks of export data on Friday, which will be the last of the reports that have been delayed due to the government’s last shutdown.
The USDA Agriculture Outlook Forum starts on Thursday in Washington and will give us the first look at their 2019/2020 Supply and Demand expectations. This report will also show the first “guess” on planted acres for this coming year. While this report doesn’t carry the weight of the March 29th prospective plantings report, it will carry more weight than it has in the past. With the large carryout in soybeans, we will need to see bean acres limited in this report to keep soybeans from free falling.
Weather in South America has turned dry for Argentina. Very little rain is forecast for the next two weeks. Dryness in the Southern growing area could have an impact on soybeans. Above normal rainfall is forecast for most of the Brazilian growing area. Southern Brazil should see good rains over the next two weeks. Harvest in Northern Brazil should move to 50% complete in the next week.
** Reminder that tomorrow is the last day to sign up for our Fall APC contract. **
Have a Safe Day!