Edwards Market Thoughts

8/16/2019 8:00am                                                     

Markets await crop tours giving a better idea of crop production estimates but we still have a ways to go before the Midwest harvest starts.  Export sales numbers yesterday continue to point to soft sales.  Weather forecasts continue to look good for crop development across much of the Midwest during the next few weeks also leaving a bearish attitude across the grain markets. 

China vowed to counter the latest U.S. tariffs on $300 billion of Chinese goods but called on the U.S. to meet it halfway on a potential trade deal, as President Trump said any pact would have to be on America's terms.  The Chinese finance ministry said the new U.S. tariffs, violated a consensus reached between President Trump and Chinese President Xi Jinping at June’s summit in Japan to resolve their disputes.

Tyson officials say a spark from welding during maintenance is the likely cause of a fire that damaged the company's plant in Holcomb.  Company officials said the fire damaged a small area but affected critical operating systems.  Tyson's president and CEO, Noel White, told officials work will begin immediately on structural damage.  Other repairs, primarily electrical, will take more time.

Trump intervention triggered EPA's surprise biofuel waiver decision -sources - Reuters News

WASHINGTON, Aug 16 (Reuters) - A phone call from U.S. President Donald Trump last week ended a nearly two-month-long review of the nation's biofuels program, three sources familiar with the matter said, with the White House siding in favor of oil refiners over corn growers.

Trump gave Andrew Wheeler, head of the U.S. Environmental Protection Agency, the green light for the regulator to announce it had granted 31 small refinery exemptions out of the 40 applications, saying he wanted the issue off his desk, the sources said.

Trump's call triggered a flurry of action within the EPA, leading up to a surprise Friday afternoon announcement, after weeks of negotiations between U.S. government agencies failed to make progress in addressing farmers' concerns. (Full Story)

EXCLUSIVE-China set to deepen Argentine trade ties with bid for grains "superhighway" - Reuters News

This is bearish for US farmers long term.  

BUENOS AIRES, Aug 16 (Reuters) - Chinese state-owned construction giant CCCC is preparing a bid to dredge Argentina's Parana River, the country's main cargo superhighway that takes soy and corn from the Pampas farm belt to the shipping lanes of the south Atlantic and the world.

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Local Weather
Weather radar map

U, U (51250)

Current Conditions: U
Temperature: U Dew point: U
Humidity: U Pressure: U
Wind: U From: U

Forecast

Monday
Weather condition
Hi: 80°
Lo: 67°
Tuesday
Weather condition
Hi: 86°
Lo: 58°
Wednesday
Weather condition
Hi: 75°
Lo: 54°
Thursday
Weather condition
Hi: 76°
Lo: 57°
Friday
Weather condition
Hi: 80°
Lo: 62°

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Siouxland Cash Bids
Name Delivery End Basis Cash Price Futures Price

View all cash prices...
Quotes retrieved on August 19, 2019, 05:48:11 AM CDT
All grain prices are subject to change at any time.
Cash bids are based on 10-minute delayed futures prices, unless otherwise noted.
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Corn Receiving Alert

                                                                                                               

FREE Price Later

Siouxland will be offering "Free Price Later" delivery starting Monday December 3rd! This room will be based on first come first serve, if space starts getting filled up we may need to slow deliveries. If you have any questions please give Tom E a call 722-3906.

                                                          

 

Commentary
Corn Prices High Friday -

Corn futures finished up 8 3/4 to 10 1/4 cents to end the week. Prices were technically oversold following the early week melt down and there is

Cattle Weaker on Friday -

Cattle Weaker on Friday Live cattle futures lost ground in afternoon trading, finishing down $.275 to $.750 on the day. Feeder cattle futures

Hogs Decline Returns on Friday -

Hogs Decline Returns on Friday Lean Hog futures lost $2.225 to $3 today. The CME Lean Hog Index was down $1.97 at $77.89 on August 14. USDA showed

Soybeans end the week Higher -

Soybeans were stronger at the close, 9 to 9 1/4 higher. September soybean meal was up $3.10/ton, with soy oil 6 points higher. Money Managers

Ag Market Commentary -

Corn futures finished up 8 3/4 to 10 1/4 cents to end the week. Prices were technically oversold following the early week melt down and there is

Wheat Prices Up -

Wheat futures contracts close the week on a positive with Minneapolis wheat 3 1/2 cents higher, CBOT wheat up 1 3/4 cents and Kansas City HRW

Full commentary...


The CME Group Intercontinental Exchange