Markets are higher this morning with corn up 2, beans up 7 and wheat up 16. Wheat is providing the boost this am as dry weather in Russia and additional rainfall in the plains provide support following Friday’s selloff.
Traders continue to focus on Chinese trade talks and Mexican tariffs. The recent escalation of rhetoric between Beijing and Washington following the Trump administration’s new tariffs on $300B of Chinese goods has made the meeting between the President’s of the world’s two biggest economies at the upcoming G20 meeting in Japan critical to finding a solution. If not I fear that this will continue to drag out long enough to become an issue in the 2020 elections.
Look for planting progress on corn to be 70-75% complete this afternoon with soybeans coming in around 40-50% complete. Temperatures look more seasonal and that will help going forward.
Have a Safe Day!