Good Morning!

Grains are under moderate pressure as we finish another week of trading. Uncertainties regarding trade relations and improved weather conditions for next week are both weighing on values. Crude oil is lower after making new highs on Thursday, the dollar is a touch higher and the Dow is down roughly 30 points. For the week, corn is down 6 cents; soybeans are down 23 cents; soymeal lost $10; winter wheat is down 9 cents, and; SRW is down roughly 8 cents.

Crude oil is pressured this morning amidst a tweet from President Trump suggesting oil prices are too high and won’t be tolerated. The tweet was targeted towards OPEC, suggesting prices are too high considering excess world supplies.

The average trade estimate for this afternoon’s Cattle on Feed Report has the number of cattle on feed as of April 1st at 107.4%. Placements in March are pegged at 89.8% of a year ago. Marketed in March is estimated at 96.0% of last year.

Several cargo ships carrying US grain sorghum destined to China have changed course following Beijing’s hefty anti-dumping duties on U.S. imports of the grain. According to USDA’s Federal Grain Inspection Service, 20 ships are on the water carrying over 1.2 million tons of U.S. sorghum. At least five changed course within hours of China's announcing tariffs on U.S. sorghum imports on Tuesday.

It appears China is unwilling to accept adverse trade rulings from the WTO. China's Ministry of Commerce said Friday that it will continue with its antidumping measures on imports of pulp from the U.S., Canada and Brazil. The duties will continue despite a ruling by the WTO that said Beijing failed to show that imported pulp hurt the domestic industry.

Have a great weekend and be safe out there!