Markets are slightly higher this am in corn and down in soybeans. Corn is currently up 2 and soybeans are down 1.
The Wall Street Journal is reporting this morning that China has invited US Trade Representative Lighthizer and Treasury Secretary Mnuchin to Beijing for some high level negotiations next week ahead of the Thanksgiving Holiday. Chinese and American trade negotiators continue to wrestle with exactly which trade tariffs will be removed as part of a “phase one” deal between China and the United States and under what conditions. Among other things, the White House continues to seek clear commitments on US Ag purchases before they travel. It is worth noting that this is the first time that the Chinese have asked for such an urgent meeting. It would appear as though the President Trump is correct when he says “I can tell you this: China would much rather make a trade deal than I would.”
Weather models are in good agreement for South America too in calling for favorable conditions that will benefit crops. Showers and Storms will dominate that forecast with 10-day totals expected to range between 2″ to 4″. Following the dry spring, the predicted rains will be a welcome sight to farmers there. Northern Brazil is expected to see showers daily and Argentina will see normal rainfall that will aid germination. Overall the pattern looks to be ideal for corn and bean crops with no threat from lasting heat with highs in the 80’s and 90’s.
Locally we are in the heat of harvest with most producers between 50-75% complete and now starting to look for space for a crop that is bigger than most had expected. If you are in this category, make sure you are talking to your grain buyer to find the best options available to move your grain and lock in a profit. Give us a call to discuss if you are looking for alternative choices to paying storage.
Have a Safe Day!