Morning Comments 6-6-18

Wheat leading grain slightly higher

Overnight

  • Grains are slightly higher in the overnight with wheat leading
  • Wheat is higher by 6 1/2 cents, corn 1/2 cent higher and beans up 1 1/4 cents
  • WTI Crude is off 30 cents in early trade

Headlines

  • US now trading tariffs and trade threats with four of the five biggest agricultural markets. Including China, Mexico and Canada
  • Oklahoma wheat harvest is posting varied results with yields ranging from low teens to 40 bushels plus, the theme is low yields
  • General estimates are that Oklahoma is 45% complete with harvest to start in the Panhandle late this week
  • China will expand its soybean acreage under goverment orders
  • The Trump administration has indefinitely delayed a proposed overhaul of U.S. biofuels policy 

 

Chart of the Day

Today’s chart is an update on actual corn export shipments by destination so far this year, compared to last year’s paces; cumulative shipments to all destinations are quickly wiping out their year-over-year deficit, now just 170 mbu
behind last year’s pace, with the USDA still looking for a 68 mbu YoY entire-year corn export decline. Shipments to leading Asian importers continue to run behind last year, though exports to Mexico (402 mbu vs 372 mbu LY) as well as Vietnam, Spain, & Egypt are picking up the slack.