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!