by Steve Freed,
Grains are higher. SH is up 2 cents and near 9.21. CH is up 2 cents and near 3.82. WH is up 5 cents and near 5.23. US government is still in partial shutdown. Still no key USDA data. US stocks are higher. Crude is higher. Most commodities are higher. CRB commodity Index is now near the 40 day moving ave and back near Nov lows. Hope for US and China trade deal is supporting commodity prices.
Trade talks in Beijing between China and the United States have concluded and the results will be released soon, China’s Foreign Ministry spokesman Lu Kang told a daily news briefing.
Brazil’s weather forecast continues to see fairly decent rains for the southern growing regions of Brazil into the far northwest over the near term with limited rainfall in the northeast. The 6 to 10 day forecast changed a bit and is now calling for fairly decent rains for all of Brazil’s growing area except now for the far northeast region.
Brazil has harvested two enormous soybean crops in a row and will likely make it a third straight in 2019, but the volume might not be as big as market participants were initially expecting and this could be of particular concern for the top customer. Another private crop watcher now estimates the 2019 Brazil soybean crop near 116 mmt.
Argentina’s weather forecast still has a front bringing rains to most of Argentina today through Friday. The 6 to 10 day forecast continues with fairly ample rains.
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