Port Crash in Argentina Supports Beans
A cargo ship collided with a dock on the Parana River in Argentina's grains hub of Rosario on Wednesday, causing a slowdown of activity at terminal 6 in the port of General San Martín and raising soymeal prices. The southern pier of terminal 6 is operational, with difficulties on the barge docks due to the blockage caused by the ship that generated the accident. Reports vary on what impact it will have and export movements and how long the repairs will take.
Soy Markets Encouraged by China/US Meetup
Soy is reacting to the hope that the US and China can reach a trade deal as Sec Treasury Mnuchin and USTR Lighthizer head to Beijing early next week.
Mnuchin said that he was "cautiously optimistic" that the US government can broker a trade deal with Beijing. The Chinese government said Sunday that it welcomes Washington's "willingness to hold bilateral trade talks." The real progress may be difficult around thorny issues like China’s acquisition of US technology which could make broad-based compromises challenging.
US Weather Favors Planting
The Central US weather forecast features mostly favorable planting conditions with dry/warming weather conditions across the N Plains and the Upper Midwest for the next 10 days, with favorable spring planting weather for the Midwest and Central Plains for the next 5 days. Rain (along with severe weather) will return late Monday into Wednesday, before another spate of warm/ dry weather is expected. The 11-15 day forecast is less uncertain, but there is no indication of any extreme temps with near normal rainfall. At least into mid-May, the forecast is favorable which will act to cap rallies.
Global Weather
No rain forecast for the Brazilian winter corn areas over the next 10 days with a hint of better rain chances in the 11-15 day period. European and Black Sea winter grains will enjoy warm/dry weather for the next week with improved rain chances in the 8-15 day period. The Australian weather forecast is dry for the next 2 weeks with warm to hot temperatures. However, wheat producers have until late June to plant wheat.
Flash Sales
Private exporters reported to the U.S. Department of Agriculture export sales of 107,600 metric tons of corn for delivery to unknown destinations during the 2017/2018 marketing year.
Weekly Export Sales-
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