Good Morning!

The grain markets are mixed with wheat futures rallying to new highs for the week, pulling corn futures mildly higher; soybeans are under mild pressure following yesterday’s unexpected 28 cent rally. There were no new tweets or stories to change yesterday’s optimism that trade talks are going to resume late this month. The US dollar is weaker and crude oil is higher.  Russian Ag Ministry met with grain exporters to discuss export volumes. A wire story by Barron’s claims extreme weather over the next 12 months will likely push wheat prices to levels not seen since 2012. The new U.S. special representative for Iran said Thursday the Trump administration is prepared to impose sanctions on all countries that buy oil from Iran after a deadline in November, including China, the top importer of Iranian crude. Brian Hook, who has been appointed as chief of a new Iran Action Group at the State Department, said the U.S. would issue waivers from sanctions to countries that have made efforts to reduce their Iranian oil purchases. A federal judge in Montana has ordered the U.S. State Department to do a full environmental review of a revised route for the Keystone XL oil pipeline, possibly delaying its construction and dealing another setback to TransCanada Corp. For more than a decade, environmentalists, tribal groups, and ranchers have fought the $8billion, 1,180-mile (1,900-km) pipeline that will carry heavy crude to Steele City, Nebraska, from Canada's oil sands in Alberta. China has ordered the world’s largest pork producer, WH Group Ltd, to shut a major slaughterhouse as authorities scramble to stop the spread of the African swine fever. This is the 2nd outbreak in the world’s largest herd in two weeks, pushing hog prices lower and stirring fears of additional outbreaks.
  

Enjoy the day!