by Steve Freed,
Grains are mixed to lower. SX is down 4 cents and near 8.65. CZ is unchanged and near 3.66. WZ is down 2 cents and near 5.42. US Dollar is higher. Copper is lower.
Traders are watching the third day of the Pro Farmer Midwest crop tour for on-the-ground insight into how this year’s corn and soybean crops are faring; IL corn yield was est near 192.6 vs 180.7 last year and USDA 207.0. IA corn yield was est near 179.8-186.8 vs 178.7-185.6 last year and USDA 202.0.
Weekly US soybean export sales are est near 400-650 mt, corn 700-1,000 mt and wheat 400-800 mt
The U.S. Midwest weather forecast has a rain system moving through the northern Midwest Friday into Saturday; the weekend looks dry with rain returning to the north off and on through next week; the rest of the region looks mainly for most of next week. Temps begin to warm up into the weekend and early next week. The 11 to 16 day forecast still has ridging producing above normal temps and below average rains for the Plains and Midwest.
US and China imposed additional tariffs on each others goods overnight. No word on outcome of US and China trade talks this week in Washington. Word that US will pay US soybean farmers $1.65 per bushel for the 2018 crop production could suggest a payment of $7..5 billon dollar which leaves little left of the total $12 billion allocated for other commodities or livestock.
China corn futures rallied on Thursday after the central government said it would promote the use of ethanol in vehicles, its first public statement on its ambitious biofuel policy in almost a year; China will promote the use of ethanol in 15 regions this year, including the Beijing and Tianjin municipalities and Hebei province.
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