Headlines
Grains trade lower in the overnight
Wheat lower on precip expectations this weekend
Sorghum ships redirect after China’s tariff announcement
Weather
Temperatures are expected to stay below average throughout the midwest through next week. Rains are expected today and Saturday through the Plains and is expected to bring moisture to KCBT wheat regions that have suffered from extreme and exceptional drought.
China 2018 Corn & Soybean Production
The Ministry of Agriculture and Rural Affairs announced this morning that China’s 2018 Chinese soybean production is expected to increase to 1.9 percent over LY to 15.18 MMT. The increase is a result of farmers responding to government policy to increase soybean production. Soybean acreage is expected to increase 1.1 percent.
The Ministry also announced that China corn production is expected to increase 1 percent over LY to 218 MMT.
Argentina Production
Buenos Aires Grains Exchange released their Weekly Agricultural Report on Thurs. The organization estimates corn harvest at 32 MMT (USDA 33 MMT) and soybean harvest at 38MMT (USDA 40 MMT). Temperatures are expected to be above normal with precipitation affecting most of the grain growing region into mid next week. The western and northeast are both expected to stay mostly dry. Soybean harvest is now 39.6% complete. First crop soybeans are 50% harvested while second crop soybeans are now 10% harvested. Corn is 29.5% harvested as of Thursday.
Sorghum Ships Change Course
Five ships loaded with sorghum and destined for China changed course within hours of China’s announcement of tariffs on U.S. sorghum imports. China’s announced on Tuesday that grain handlers would have to put up a deposit of 178% of the value of the shipments.
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