Morning Comments July 2, 2018
Monday, July 2, 2018, 8:07 AM
Submitted by: Landus Cooperative
Corn is trading down 1 3/4 nearby and 1 cent for new while beans are hanging in at 1/2 cent down nearby and 1 1/2 for new at the break.
This week the main focus is going to remain on trade. The tariffs are to go into effect July 6th. The USDA says the July WASDE report will factor in China and Mexico tariffs against the U.S. The Canadian government has imposed tariffs of U.S exports worth $12.5 billion. President Trump announced Sunday that he is "not happy" with the revised NAFTA deal that his administration has been hammering out with Canada and Mexico and he doesn't want to sign any new agreement until after the midterm election in November.
Another focus area is, of course, weather. It looks like we got more than enough rain across much of our trade area again. We're looking ahead to a very hot week across the U.S. with hot, dry winds and some heavy rains in parts of the northern belt and through Kansas. Weather this week looks like we'll see above normal temperatures and below normal precipitation.
The EPA announced an increase in advanced biofuel requirements and left corn-based ethanol unchanged.
There is not much change expected on the Crop Progress and Conditions report out this afternoon. 1% either way is possible.
Remember we have a shortened trade week with Independence Day on Wednesday. Half day of trade on Tuesday, closed Wednesday, and will reopen at 8:30 a.m. on Thursday morning.
Have a great week!