Heavy Rains Expected in the Northern Midwest
Over the next five days, nearly all of this region is forecast to see 5 inches of rain
Heavy Rains Expected In Northern Midwest, Eastern Corn Belt to See Showers from Tropical Storm Florence
Over the next 5 days, nearly all of Iowa and Wisconsin, S Minnesota, E South Dakota, and NE Nebraska are forecast to see nearly 5 inches of rain and temps in the mid 70s. Further to the south, a storm system is expected to cut across much of Kansas, totalling 3-4 inches of precipitation. As the remnants of Hurricane Florence move further inland, parts of E Ohio, Pennsylvania, and Kentucky can expect several inches of rain. North Carolina remains underwater, with most of the state’s counties under flash flood warnings and watches. Tornadoes are also forecast for central parts of North Carolina.
President Trump Could Announce New Tariffs on China Today
Senior officials in the Trump White House stated that President Trump is likely to announce the latest round of tariffs targeting $200 billion worth of Chinese goods as early as today. This comes alongside recent news that Treasury Secretary Steve Mnuchin and Vice Premier Liu He are set to restart trade talks. The Wall Street Journal reports that this newest round of tariffs would be at a 10% rate, not 25% as previously speculated that the Trump Administration was considering. Products targeted by the US in this latest round are electronics, tires, chemicals, plastics, and seafood, among other consumer goods.
Export Sales Announcement
Private exporters reported to the U.S. Department of Agriculture export sales of 241,000 metric tons of soybeans for delivery to unknown destinations during the 2018/2019 marketing year.
Managed Money is Selling Corn, Soy, and Wheat as Big Crop Gets Bigger
For the week ending on Sep 11, managed money increased their net short position in corn by 6,586 to 63,470 contracts, primarily driven by the USDA’s yield estimate increasing to 181.3 bpa. It is also estimated that funds sold 47,000 corn contracts on Wed Sep 12, marking the largest single day sell off for corn since June 21, 2016. Money managers also increased their net shorts for soybeans by 5,520 to 68,269 contracts as the USDA estimate ending stocks at 845 million bushels. Managed money cut their net long positions in Chicago SRW by 24,351 to 18,415 contracts and KC HRW by 11,715 to 43,539 contracts. Funds also turned bearish on MN HRS, establishing a net short position of 831 contracts, down 1,807 from the previous week.
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