Corn and soybeans are trading lower this morning after attempts to rally the markets yesterday ran out of steam. Traders are trying to figure out what to make of conflicting statements from the White House over the current state of tariff discussions with China. With the meeting between President Trump and Xi scheduled for the end of the month at the G20 meeting, Fund managers will be closely watching to see what the tone is between the two. It sounds like President Trump will require that soybeans be a part of any deal negotiated with China. Our window for export sales to be booked is slowly closing but can be quickly overcome if the recent trade restrictions on Chinese demand are backed off.
Weekly export sales were reported at 35.1 million bushels for corn and 17.3 million bushels for soybeans. Both are right on pace with the ten week average.
We have several adjustments to our receiving hours in the next week be sure to visit our website or call in to get the latest schedule.
Have a Safe Weekend!