Morning Quick Notes

Trade is mixed overnight with corn down 1 ½ cents, wheat down 2 cents and beans up 2 ½ cents.

U.S. Dollar Index down 170 points.

Morning Headlines
Newly-elected Mexico President Andres Manuel Lopez Obrador told U.S. President Trump that he would be open to the possibility of a bilateral trade agreement between the U.S. and Mexico.

Yesterday’s weekly export inspections had U.S. wheat exports running 29% behind a year ago with the USDA currently forecasting a 14% increase, corn 39% ahead (down 1%), and soybeans 25% behind (a 3% decline forecasted).

Japan is looking for 109k tonnes of wheat in their regular weekly tender, including 49k from the U.S., 32k from Canada, and 28k from Australia.

Chart of the Day
Corn condition ratings creep higher as harvest of an expected strong crop begins and early yield indications confirm robust yields; last year’s crop rating rose from 61% to 64% g/ex in the first two October progress reports, as harvest moved up to 17% done by 10/8/17, and this year has inched up by two points over the last three weeks as harvest reached 16% as of Sunday.