Morning Quick Notes

Overnight
Grains mixed overnight with corn down a penny, wheat up a penny, and beans up a nickel.

U.S. Dollar up 220 points this morning on Fed rate hike expectations.

Morning Headlines
Fed’s expected to raise interest rates for a 3rd time this year.

China has plans to cut tariffs on products to include machinery, electrical equipment, and textile products starting Nov 1. This is in preparation for the escalating trade war between China and the U.S.

Wire story reports Brazil is expected to import around 1 million tons of the oilseed in coming months from its largest global competitor, the United States, as local supplies dwindle, according to Sao Paulo-based grain trader Agribrasil.

Chart of the Day
The USDA is expected to “finalize” September 1 corn and soybean stocks (2017/18 carryouts) with a slight upward shift in each on Friday, compared to Sept WASDE estimates earlier this month; corn stocks are seen down over 280 million bushels year-over-year at 2.010 bln bu, with soybeans up almost 100 mbu to 0.401 bln bu. Lower-than-expected corn and soybean stocks both last year provided a bullish surprise to the trade, though soybeans only added 8 1/4 cents on 9/29/17 to close the session at $9.78 1/2 bushel.