Morning Quick Notes

Overnight

  • The US Dollar Index is higher by 340 this morning
  • Grains are lower this morning wheat is off 6 1/2 cents 
  • Corn is down 3 1/4 and Beans are unchanged in early trade
  • WTI Crude is up 27 cents

 

Headlines

  • Brazil raised 2017 / 2018 soybean proiduction estimates to 118.88 million tonnes 
  • Brazil lowered its corn production estimates for the same time
  • No Progress reported yet on the China / US trade issues
  • The Chinese import tariffs are 25% on US beans, corn, wheat, and other products.
  • China did make a request to the WTO for talks with the US on the current tariff issue.
  • Yesterday’s weekly export inspections showed wheat exports 48% behind a year ago with current forecast a 6% increase
  • THe next USDA Supply Demand report is due Thursday

 

Chart of the Day

National corn condition ratings fell by another point as ex-pected, the third straight weekly one-point decline, but that still leaves the crop at 75% g/ex—that’s roughly in line with the 2014 and 2016 crops (at 75% and 76% on this comparable week, respectively) as the best-rated since 2004. MN, IL, and MO were the major anchors this week, all down four points apiece, with IA steady, while SD reg-istered the only week-over-week increase among the major