Opposite day in the grain markets with soybeans being the leader higher
US harvest is pegged at 14% complete vs. 8% on average
Soybean conditions continue to rise……. to 68% G/E
SX18 bouncing off of the 20-day MA this morning as futures continue to consolidate between 851^4 and 826^6.
A close over the 851^4 mark would be a good signal for further short-covering
With the tariffs calculated, US beans are now cheaper into China than Brazilian beans
But will they buy?
What is the political risk to a Chinese bean buyer to buy US beans?
It seems to be high enough that we aren’t hearing of a bunch of new sales
Wheat: KWZ18 -9.5¢ MWZ18 -5.5¢
Good rains in the Black Sea region are pressuring wheat prices today.
Weather:
0-60 hour changes, heavier rain paths in IA and IN,and in southern OK as well
60-120 hour: also heavier in IA rather than northern KS and MO
Forecasts are for rains to slow down after this system
The 6-10 day forecasts have some rain in the tail end
Things are looking good in Brazil for a nice early start to planting
ECG's Happenings
ECG 2018-2019 DP Grain Program Corn .06 per month prorated 5 days grace period No Minimums Soybeans .07 per month prorated 5 days grace period No Minimums Bushels delivered will be applied to contracts first and then be allowed to DP. DP corn and beans must be priced by 9/30/19. Space may be limited.
Rain expected Wednesday in the Southern Plains and heavier coverage in the Delta and areas of the Midwest. Dry elsewhere. » More DTN Weather Commentary
Recently, Union Pacific announced its Unified Plan 2020, a new operating plan that implements "Precision Scheduled Railroading" principles. The U.S. Surface Transportation Board wrote a letter to UP three days after the announcement.
USDA reported on Wednesday that U.S. ethanol exports totaled 104.4 million gallons in July, down 12% from a year ago. However, in the first seven months of 2018, U.S. ethanol exports were up 27% from a year ago.
