Good Morning!

Grains are trading mixed this morning with corn unchanged and wheat and soy slightly lower. Yesterday’s bean rally was supported by rumors Argentina had purchased US soybeans. US soybeans are $.65 cents less than Brazilian beans. The large spread is allowing Argentina merchants to sell their soybeans for export and replace them with lower priced US soybeans for crush.

NOAA will update its monthly and seasonal outlooks and its long term drought forecast this morning.

The weather forecast has mostly dry conditions this weekend and into early next week. Another front brings rainfall to much of the region. Temperatures will be tapering off with some frost or freeze chances to the eastern Dakota’s, western Minnesota for the early part of next week. The extended forecast shows a wet and cold pattern for early October.

Canadian Foreign Minister Chrystia Freeland and U.S. Trade Representative Robert Lighthizer will meet again today. Leaving their afternoon meeting yesterday, Freeland told reporters the talks had been constructive. The two countries remain at odds on core issues, including dairy and dispute panels. A deal is unlikely this week without major movement and the talks could extend into next week.

The average trade estimate for tomorrow’s Cattle on Feed report has the number of cattle on feed as of September 1st at 105.4% of a year ago. Placements in August are estimated at 104.4%. Marketings in August are estimated at 100.4%.

Have a great day!