Harvest Has Begun On Early Planted Soybeans In Brazil
There are reports of soybean harvest for early planted crops in north-central Mato Grosso, one of the largest soy producing states in Brazil. The crops would likely be 90-day maturity beans that were planted on Sep 15, which is the earliest planting can begin in Brazil. This crop has been met with good rains through the growing season and was planted with excellent subsoil moisture, much better planting conditions than the previous year. Soybeans in Mato Grosso were planted nearly 30 days earlier this year than last year due to drought conditions affecting the 2017 crop. The Mato Grosso Institute of Agricultural Economics estimates that soybeans will be around 1-2% harvested in Mato Grosso by the end of December and 15-20% by the end of January.
US and Chinese Trade Officials Have Formal Meeting Scheduled for January
US Treasury Secretary Steve Mnuchin claimed yesterday that formal trade talks have been arranged between the US and China for some time in January. These meetings come after a phone call between Mnuchin and the Chinese Commerce Ministry. Thus far, China has agreed to resume purchases of US farm products, particularly soybeans, and has also agreed to temporarily cut tariffs on autos from 40% to 15%. In October, the US trade deficit with China rose to an all-time high of $43.1 billion in data from the Commerce Department. The two sides seek to have a deal hammered out and in place by March 1. If no deal is in sight, the Trump Administration has plans to raise tariff rates on $200 billion of Chinese products from 10% to 25%.
Export Sales Announcement
Private exporters reported to the U.S. Department of Agriculture export sales of 1,199,000 metric tons of soybeans for delivery to China during the 2018/2019 marketing year.
Freezing Rain In Forecast for Northern Midwest, Light Snow in East
Several counties located in SW Wisconsin, S Minnesota, and N Iowa are forecast to see freezing rain this morning and later this evening. Roadways may become slick and have ice form on unsalted roads. Further to the east in Ohio, nearly 1.25 inches of rain is expected to fall. The rains may start sometime tomorrow and are expected through Friday morning. These rains are expected to turn to snow sometime on Friday evening with light accumulations possible. High winds are also expected in the East, with gusts up to 40 mph forecast for Ohio and parts of Indiana.
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