by Steve Freed,
Grains are higher. SF is up 14 cents and near 8.96. CZ is up 2 cents and near 3.69. WZ is unchanged and near 5.08. US stocks are higher. US Dollar is lower.
For the week, Winter Wheat prices are up roughly 3 cents for SRW, up 2 in the HRW, and unchanged for HRS; Corn is up 1; Soybeans up 41 cents; Soymeal up $8.00, and; Soyoil up 30 points.
News wires yesterday claimed President Trump signaled progressing trade talks with China; Trump tweeted he had a long and very good conversation with President Xi Jinping of China, going on to say, that they talked about many subjects, with a heavy emphasis on trade. China’s Premier Xi Thursday said his country, the US and global markets have experienced negative effects from trade dispute between the two nations, said he would like to avoid further negative effects and believes both sides need to push toward mutually acceptable trade solution. The two presidents are slated to meet during the G-20 summit in late November.
US farmers should increase 2018 and 2019 cash soybean sales near 9.00 SX18 and 9.40 SX19.
For the week ended October 25th, U.S. All Wheat sales are running 15% behind a year ago, shipments 21% behind with the USDA forecasting a 14% increase on the year. U.S. Corn sales are running 28% ahead of a year ago, shipments up 76% with the USDA forecasting a 2% increase on the year. U.S. Soybean sales are running 29% behind a year ago, shipments 39% behind with the USDA forecasting a 3% decline on the year. Soymeal sales 15% ahead of a year ago, shipments 34% ahead with a 9% decline forecasted.
The U.S. Midwest weather forecast has a rain system for the northwest Midwest over the weekend and another Monday into Tuesday. Things turn dry the middle of next week. Frequent rainfall continues for the southeast Midwest through the first half of next week before turning drier. Temps are seen a bit above average, turning cooler than average for most of next week.
Brazil weather is to see average rainfall amounts of the near to mid-term with 75% coverage. Argentine weather is to see a mix of sun and rain over the next ten days with rain coverage around 75%.
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