- Grains are lower in early trade with corn 3 cents lower and set new contract lows
- Wheat is off 5 1/2 cents and beans are down 13 1/2
- WTI Crude is off 68 cents this morning
- The Trump administration said it would add 10% tariffs on an extra $200 billion worth of Chinese imports.
- U.S. officials released a list of thousands of Chinese imports the administration wants to hit with the tariffs
- FranceAgriMer raised their 2017/18 soft wheat ending stocks estimate to 3.0 MMT, up from the 2.6 MMT estimate last month.
- national corn estimate is up 1.2bpa from a week ago, and the 14-day GFS suggests further improvement
- Average estimates for tomorrow’s USDA Supply and Demand report have analysts looking for an increase in corn production from the June estimate. Increased acreage and by raising yield to 174.9 puts total corn production at 14.269 billion bushels
Chart of the Day
Today’s chart shows combined South American soybean production since 1994/95, up through the current ‘17/18 growing season, with recent forecasts from both the Argen-tine and Brazilian governments included. Conab’s 118.9-million-tonne Brazilian estimate exceeds even last year’s record crop by almost 5 MMT, offsetting at least a minor portion of the Argentine loss. The Argentine government stands at 37.2 MMT there, more than a 20 MMT year-over-year decline and their worst harvest in nearly a decade.