MARKET COMMENTARY

Opening Calls:

Corn down 1 to 2

Beans down 2 to 3

Good morning!

Grains trading lower this morning with corn down a penny and soybeans 2-3 lower. Wheat is leading the marketspace, trading 15 cents lower. Russian authorities met with local exporters and have decided against setting export limits at this point. The Argentine government also continues to struggle balancing their budget, adding new export taxes over the weekend. China’s soybean association claims the country will not face a soybean shortage in quarter 4. NAFTA negotiations between the U.S. and Canada will resume on Wednesday. 

Other news: USDA is estimating net farm income to decrease 13 percent from 2017 to $65.7 billion in 2018, after increasing 22.5 percent in 2017. If realized, inflation adjusted net farm income would be just slightly above its level in 2016, which was its lowest level since 2002. Inflation adjusted net cash farm income is forecast at $91.5 billion, the lowest real dollar level since 2009.