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Grain Comments07/20/18 8:05:22 AM
Good morning. Technical strength is pulling grain and soybean markets higher this morning despite comments by President Trump that he is ready to impose an additional $500 billion of tariffs on Chinese imports. Markets aren’t finding much news to trade off of here at week’s end. The weather pattern into early August still features below normal temperatures for the Midwest. Rainfall looks to average below normal for much of the Midwest and the dry areas of Missouri, Kansas, and Arkansas will probably get little relief. Mexico’s Economy Minister said that trade talks between the U.S. and Mexico will resume on July 26th as the U.S., Mexico, and Canada hope to have a new NAFTA agreement signed before the end of the year. The Dollar is weaker to begin the day; crude oil is little changed. We will get the Cattle on Feed report this afternoon as well as the weekly commitment of traders report. A rather quiet end to the week is expected with grain and soybean prices mildly supported. Have a good Friday and weekend.