Morning Comments March 26, 2019

Challenger1000 Series Tractor Planting

Good morning!

 

Grains trading lower this morning with corn down a penny and beans 4 cents lower. Soybeans are on the defensive as soybean sales by Argentine producers have increased. Traders are still waiting for the USDA report on Friday to see what the acre intentions for the U.S. come out to be, as well as ending stocks. The crop progress and conditions report yesterday showed corn seeding in the southern states is running slightly ahead of average. As the calendar moves on many are starting to realize that the central U.S. plains are behind and seem to remain that way. With regard to the USDA reports that will be issued Friday at 11AM, we would encourage you to get your offers in ahead of that date/time. Old Crop or New Crop, corn or beans, if there is a selling opportunity between now and then, we’d like to see you take advantage of it.

 

Hogs:  To add to the wild hog market we’ve seen recently, Bloomberg News is reporting China plans record U.S. pork imports to resolve the trade war. China may buy as much as 300,000 metric tons of pork in 2019. If true, it would be about 80% more than the 166,000 tons it bought from the U.S. in 2017, before the trade war started. Good news for U.S. demand.