RE: Morning Comments March 14, 2018
Wednesday, March 14, 2018, 8:03 AM
Submitted by: Landus Cooperative
Clarification regarding 199-A:
It was announced yesterday that the National Council of Farmer Cooperatives (NCFC) and the National Grain and Feed Association (NGFA) have come to an agreement regarding revisions to 199-A.
It should be noted, however, that nothing has been enacted. The current thinking is that this could be part of the overall fiscal year 2018 Omnibus appropriations bill that will be voted on later this month. Although similar to the previous Section 199, there are some differences in the proposal.
For more information, see the statement that these two organizations released yesterday:
Corn up 1 to 2
Beans up 3 to 4
The markets are mixed this morning with soybeans finding follow-through strength following solid gains in the bean complex on Tuesday, and wheat being pressured on improved rain chances for the southern plains. The weather outlook for Argentina still has two rounds of meaningful precipitation into Monday of next week- things look to quiet down next week with most models calling for mostly dry weather. We continue to see soaking rains for Brazil both in the 5 day and 6 to 10 day period. It is also worth noting that the Australian weather bureau has confirmed that La Nina has ended with neutral conditions forecast for the equatorial Pacific. The ending of La Nina reduces the chances of a Midwest drought this summer.
U.S. lawmakers announced on Tuesday than an agreement has been made to revise the 199-A tax code. Reportedly, the tax bill will revert back to the original 199 version, prior to the tax law passage in Dec 17.
Thank you for your business!