The markets have moved sideways the last 3 days with trade war news and weather both uneventful this week. While there are no formal meetings scheduled between the US and China to discuss trade issues, the US and Mexican officials have agreed to expedite negotiations in order to reach a preliminary deal by late August.
Old crop weekly exports were better than last week in corn and soybeans but both were below their ten week average. New crop exports were strong with corn at 30.5 million bu. and soybeans at 22.5 million bu.
The US Midwest weather has rain and temperatures running slightly below average into the weekend which will aid in pollination and filling of kernels. The 11-16 day forecast has average temperatures and close to average rainfall for the Midwest.
I look for the markets to continue their sideways pattern as traders wait on any news from the political front and continue to monitor what effects the recent heat wave may have had on the crop size.
Producers looking to move old crop and clean out their bins before the 2018 crop starts to come off should give us a call to discuss some special options that we have for you.
Have a Safe Day!