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SOYBEANS, GRAINS SLIGHTLY LOWER OVERNIGHT; EXPORT INSPECTIONS OF CORN, BEANS LOWER WEEK TO WEEK.
A killing frost can be forecast up to seven days in advance though none is forecast at the present time.
When President Trump meets Prime Minister Shinzo Abe of Japan on Wednesday, it should be a red-letter day for Trump’s policy of bilateral, rather than multi-nation, trade negotiations. The two leaders are expected to approve a deal on agricultural and digital trade. U.S. food and ag exports could rise as a result.
At a farm group rally on Thursday for approval of the United States-Mexico-Canada Agreement, two senior members of the U.S. House said that action on the USMCA would carry benefits in resolving the Sino-U.S. trade war. Ratification of the trade pact, the first submitted to Congress by the Trump administration, would show U.S. commitment to free trade and allow the White House to focus on China, they said.
WEAK CROP CONDITIONS LIMIT PRICE LOSSES.
Grains and soybeans were little changed in overnight trading as investors weigh mixed weather throughout the Midwest and trade uncertainty between the U.S. and China.
DES MOINES, Iowa -- The U.S. corn and soybean crops conditions did not improve in the past week, according to the USDA’s weekly Crop Progress Report released Monday.
USDA CROP PROGRESS REPORT GRADES CORN CONDITION SLIGHTLY BETTER
The loss of nearly 6 million acres of corn and soybeans to a cold and rainy planting season this year will be felt into autumn 2020 and beyond, said the government on Thursday. Fat U.S. stockpiles will be drawn down to compensate for short crops; the soybean inventory, expected to reach record size this year, would be slashed by one quarter before the 2020 harvest begins.
Weather : Light to moderate rainfall will find its way to much of the central U.S. through Friday, per the latest 72-hour cumulative precipitation map from NOAA. The rest of this week through the weekend should feature mostly normal or slightly below-normal daytime highs.