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CFE Grain Comments

5/18/2018

Good Morning!

The markets are getting a boost this morning following China’s announcement they have dropped its anti-dumping probe of U.S. grain sorghum imports. The move is seen as a token extended to the U.S. in hopes of adverting an all-out trade war. News wires are reporting China reportedly offered the Trump administration a 200 billion drop in the U.S./China trade deficit. However, China this morning has denied that report. For the week corn prices are up roughly 5 cents, soybeans up 10 cents and wheat up roughly 9 cents.

Canadian Prime Minister Justin Trudeau on Thursday said he felt "positive" about talks to rework the NAFTA trade pact, while a top Mexican official held out hope a deal could be hammered out by the end of May. U.S. officials say the talks need to wrap up very soon to give the current Congress time to vote on the NAFTA agreement. Meanwhile, top U.S. trade official Robert Lighthizer claims there is “gaping differences” on a host of issues, including intellectual property, agricultural access, labor and energy

China dropped its anti-dumping probe into imports of U.S. sorghum on Friday. The move was seen as a goodwill concession as Chinese Vice Premier Liu He was in Washington for talks aimed at resolving trade tensions between the world's two largest economies. China has agreed to allow immediate duty free shipments and has claimed they will return duties already paid by Chinese importers.

The Buenos Aires Grains Exchange reduced its Argentina soybean production estimate to 36.0 MMTs due to reduced yields and an increase in abandoned acres. The Exchange had previously pegged the Argie soy crop at 38.0 MMTs.

The weather outlook has no major changes for the US Midwest as close to average rainfall is seen falling over the region the next 10 days. The rest of this work-week is fairly quiet and then moderate rainfall is expected over the weekend. The first half of next week looks dry until more rain by the middle of next week. Temperatures look to be running above average over the next two weeks.

Have a great weekend and be safe out there!

This Marketing Information provided by

Wayne Kollis - Melissa Peters - Mike Rosenberg - Matt Zeman
 

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CORN
Last High Low Change Last Updated  
Jul '18 4.0250 4.0350 3.9500 0.0725 5/18/18 3:58 PM
Sep '18 4.1100 4.1175 4.0325 0.0750 5/18/18 3:42 PM
Dec '18 4.2025 4.2100 4.1275 0.0725 5/18/18 3:57 PM
Mar '19 4.2825 4.2925 4.2125 0.0650 5/18/18 2:39 PM
May '19 4.3275 4.3350 4.2600 0.0600 5/18/18 3:39 PM
SOYBEANS
Last High Low Change Last Updated  
Jul '18 9.9850 10.0775 9.9275 0.0350 5/18/18 4:38 PM
Aug '18 10.0250 10.1125 9.9650 0.0375 5/18/18 3:55 PM
Sep '18 10.0450 10.1275 9.9900 0.0350 5/18/18 1:30 PM
Nov '18 10.0825 10.1575 10.0275 0.0400 5/18/18 1:30 PM
Jan '19 10.1225 10.1975 10.0650 0.0375 5/18/18 1:30 PM
SOYBEAN MEAL
Last High Low Change Last Updated  
Jul '18 376.3 380.7 375.0 1.2 5/18/18 4:15 PM
Aug '18 374.5 378.8 373.2 1.0 5/18/18 1:30 PM
Sep '18 372.1 376.4 371.0 0.5 5/18/18 2:30 PM
Oct '18 369.5 373.8 368.6 0.3 5/18/18 1:21 PM
Dec '18 368.0 372.0 366.6 0.3 5/18/18 1:30 PM
LEAN HOGS
Last High Low Change Last Updated  
Jun '18 74.700 76.550 74.325 -1.775 5/18/18 4:09 PM
Jul '18 77.250 78.625 76.375 -0.950 5/18/18 1:05 PM
Aug '18 76.625 77.875 75.850 -1.000 5/18/18 1:05 PM
FEEDER CATTLE
Last High Low Change Last Updated  
May '18 132.225 133.550 131.875 -0.875 5/18/18 1:05 PM
Aug '18 137.625 139.675 137.350 -1.100 5/18/18 1:05 PM
Sep '18 137.800 139.900 137.550 -1.275 5/18/18 1:05 PM
LIVE CATTLE
Last High Low Change Last Updated  
Jun '18 102.400 103.800 102.275 -0.650 5/18/18 2:30 PM
Aug '18 98.225 99.900 98.100 -0.875 5/18/18 4:09 PM
Oct '18 101.700 103.375 101.625 -0.600 5/18/18 4:09 PM
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