Morning Quick Notes

Overnight

  • Grains stopped or paused the bleeding in the overnight showing small gains
  • Corn and wheat are up 1 1/2 cents, beans are uo 2
  • WTI Crude is up 45 cents

Headlines

  • USDA Supply Demand Report today at 11
  • China's commerce ministry said China has not been in touch with the United States about restarting trade negotiations  
  • China cut its forecast for soybean imports for the 2018/19 crop year, warning that higher prices due to tariffs would curb demand
  • Strategie Grains reduced its estimate of EU 2018 soft wheat production 7.5 million tonnes from its  forecast a month ago
  • Weekly export sales reported this morning were little disapointing for beans, corn, and wheat

Chart of the Day

Recent weather supporting rising yield ideas:  CropProphet's national corn estimate is up 1.2bpa from a week ago, and the 14-day GFS (if verified) sees yield improving another 2.4bpa. Average trade guess for today's USDA Supply Demand Report is for a .9 bushel average yield increase.