Morning Comments 6-4-18

Grains are lower to start the week

Overnight

  • Grains are lower, wheat is off 9 1/2 cents in early trade
  • Corn is lower by 4 and beans are down 9 cents
  • Crude is also lower begining the week

Headlines

  • Drought conditions have lead to a speady harvest through much of Oklahoma with yield reported between 11 and 50 bushels
  • Friday wheat harvest was reported as 15% complete for Oklahoma
  • Baryer should complete its purchase of Monsanto this week
  • The Trump administration is expected on Monday to announce changes in biofuels policies, including a plan to count ethanol exports toward federal biofuels usage quotas and allowing year-round sale of fuels with a higher blend of ethanol
  • China warned the United States on Sunday that any agreements reached on trade and business between the two countries will be void if Washington implements tariffs and other trade measures,

Chart of the Day

For high-income countries as a group, public agricultural research expenditures (adjusted for inflation) grew rapidly after 1960. However, growth slowed markedly in recent decades and has now turned negative. In constant 2011 dollars, public agricultural R&D spending in these countries grew from $3.9 billion in 1960 to a peak of $18.6 billion in 2009, before declining to $17.5 billion by 2013 (the latest year with complete data). This decline in public R&D spending marked the first sustained fall in agricultural R&D investment by these countries in 50 years, and was most pronounced in the United States and Southern Europe. The United States continues to lead among high-income countries in public agricultural R&D spending, but the U.S. share of the total declined from 35 percent in 1960 to less than 25 percent by 2013