Grains were in positive territory to start the day trying to recover some of yesterday’s selloff. In outside markets, crude oil was down nearly a $1 a barrel making a run to the $48 a barrel mark.
Yesterday saw selling midday after the White House hinted they were preparing an executive order to pull out of NAFTA. But then, late Wednesday night the White House softened its stance saying it wouldn’t kill NAFTA but instead work to renegotiate it. At risk is Mexico’s business which is the largest US buyer of corn and in the top 3 for US beef.
In US weather, heavy rain is still expected in MO/IL over the next two weeks. A storm system is moving across the Central and Eastern Plains the next two days and should bring upwards of 3 to 5 inches of rain in parts of OK/AR/MO before moving East.
Weekly export sales were strong for OC corn and beans and NC wheat. With active competition from South America it may be a sign that NC export deals will be harder to come by.
Export Sales-
Actual |
Estimated |
|
Wheat - OC |
61 |
300-500 |
Wheat - NC |
305 |
50-250 |
Corn - OC |
987 |
700-900 |
Corn - NC |
11 |
50-250 |
Soybeans-OC |
808 |
250-450 |
Soybeans-NC |
72 |
100-300 |
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