Corn is down 5, wheat is down 9 and soybeans are down 2 to open the day.
The market is trading weather this morning with Minneapolis wheat as the leader. Corn was lower yesterday after the USDA put out crop ratings that were much better than many would have guessed. There is still rain around the Midwest, so we don’t see the weather as that crazy bullish; we do respect the heat and it may be an indication of more to come.
China hailed on Thursday the resumption of “normal discussions” with the United States on the trade and economic fronts, apparently keen to move beyond a trade war as it said both sides aimed to resolve issues pragmatically.
China’s Vice Premier Liu He, who has led trade negotiations with the United States, has held two video calls with U.S. Trade Representative Katherine Tai and Treasury Secretary Janet Yellen in a week, marking the first formal engagement between the two sides on trade and economic issues under the Biden administration.
The EIA released updated ethanol production information today in its weekly Petroleum Inventory Status report. Total stocks were up 608 million barrels while production was up 23 million barrels. As summer approaches, fuel demand is increasing with last week’s report showing a 15% increase in daily gasoline consumption since early March 2021.
Have a Safe Day!