Updated on 5/31/2018
Grains this morning are slightly higher: corn, beans, and wheat are all up 3 cents.
The U.S. Dollar Index is off 166 and WTI Crude starts the day down 73 cents
For a little perspective, KC wheat is down about 7 cents for the month, Chicago corn is down 3 cents.
The USDA issued a declaration for seven Colorado counties declaring them a natural disaster for their extreme drought conditions and lack of snow melt. 11 Southern Colorado counties now have disaster assistance available.
USDA attaché in Argentina says the 2018 drought has local brokers expecting 4 to 5.5 mmt of soybean imports this year to keep normal processing levels.
Soybean exports are still halted in Brazil due to the trucker strike, with costs of delayed shipments already “very large,” as 280,000 MT of soybeans and meal have not been shipped. Brazil’s Ag Minister says he worries the U.S./China trade war could harm Brazil soy exports, as it forces the U.S. to compete with Brazil in other markets, potentially starting new trade relationships.
Chart of the Day
Corn has fallen below it’s 60 day moving average.