USDA to Forgo Releasing Several Key Grain Reports Due to Government Shutdown
On Friday, the USDA made an announcement stating that due to decreased funding following the government shutdown, the Jan 11 World Agricultural Supply and Demand Estimate report will not be released as scheduled. All reports from either the National Agricultural Statistics Service (NASS) or Office of the Chief Economist-World Agricultural Outlook Board (OCE-WAOB) will be delayed, which include quarterly grain stocks, winter seedings, and 2018 crop production. Last week, President Trump considered declaring a national emergency to circumvent Congress to secure funding for his proposed border wall. Thus far, little progress has been made in Congress regarding a funding deal.
Soybeans Trade Higher on US-China Trade Talks Optimism
Mar 19 soybeans traded around 4.5 cents higher in the overnight session as a sense of optimism regarding the trade talks between China and the US continues to grow. An American trade delegation has traveled to China and will have negotiations with Chinese trade officials throughout the week. The US trade team is led by Deputy US Trade Representative Jeffrey Gerrish and will feature under-secretaries from the USDA, Department of the Treasury, and Department of Energy, among others. President Trump has also claimed that if talks progress well, he may meet with Chinese Vice President Wang Qishan at the World Economic Forum in Davos, Switzerland.
Winter Weather Forecast for Northern Plains and Midwest
The National Weather Service has issued a winter weather advisory for E North Dakota, NE South Dakota, and N Minnesota, where freezing rain and high winds are expected. Roads in these parts of the Dakotas and Minnesota may become iced over and difficult to travel on. Temperatures are not expected to rise above freezing until later today. Further to the east in N Wisconsin, the NWS has issued a winter storm warning that will be in effect until noon today. Nearly 8 inches of snow are forecast, on top of the 4 inches that has already fallen, accompanied by possible freezing rain and winds up to 35 mph.
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