Corn Conditions Drop Slightly, Soybeans Remain Steady As Both Crops Mature
The USDA Crop Progress report yesterday showed that the overall good to excellent score for corn dropped by 1% to 67%. Noteworthy reductions were Nebraska (-2%) and Illinois (-1%), which were offset by improvements in Colorado and elsewhere. Soybean conditions remain unchanged at 66% G/E. Overall, conditions improved in the East, with reductions seen in Minnesota (-3%) and South Dakota (-2%). The USDA also pegged corn maturity at 22%, with states such as Illinois and Indiana being ahead of schedule. Soybeans were rated at 16% dropping leaves, ahead of the 5 year average of 9%.
Canada to Resume NAFTA Talks in Washington D.C. Today
Canadian trade officials are headed to Washington to come to an agreement with the US on updating and modernizing the North American Free Trade Agreement. The key sticking points between the two countries at the negotiation table are opening up Canadian dairy markets to US imports, auto manufacturing, and whether or not to remove a mechanism that allows for trade disputes to be settled between the two countries. Canadian Prime Minister Justin Trudeau says that he will not sign a bad trade deal and that he is no hurry. Last week, President Trump finished a trade deal with Mexico and has stated that he will proceed to signing into law after 90 days, with or without Canada.
Export Sales Announcement
Private exporters reported to the U.S. Department of Agriculture export sales of 101,736 metric tons of corn for delivery to Mexico during the 2018/2019 marketing year.
Heavy Rains, Flooding Threaten Kansas, Iowa, and Wisconsin
The National Weather Service reports that nearly 2 inches of rain fell last night in central Kansas and that another 2 inches is forecast later today. The central part of the state is under thunderstorm threats and flood watches and warnings. NE Iowa is also under flood warnings as storms are expected to drench the area, dropping as much as 1-2 inches an hour at the highest rate. Wisconsin also faces flooding threats across almost the entire state, having seen very heavy rains over the past week.
The risk of trading futures, hedging, and speculating can be substantial. FBN BR LLC (NFA ID: 0508695)
