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Tuesday Morning Comments (9/18/18) Good Morning. Grain prices are mixed as corn and beans continue to struggle. The Chicago wheat market is finding some support today as frost concerns in Australia are likely to cause more production issues there, which is on top of the already dry conditions. President Trump ordered the go ahead on the next round of $200 Bln. of tariffs against China. These tariffs will start Monday and will be assessed at 10%. This round is expected to be raised to 25% by the end of the year to allow for companies in the U.S. to adjust. China, once again, says that it will retaliate. Trump responded with a threat to tariff another $267 Bln, which would then be basically all the goods that China exports to the U.S. Corn harvest was estimated at 9% complete with bean harvest at 6%. Most of the cornbelt should see active harvest progress through the end of the week. Rain is moving through the northern Midwest this morning. Temps are expected to remain warm until the weekend, when a cool front will bring some increased chance of rain this weekend. One weather watcher was hinting at a big cool down at the end of this month, but the American model says it should stay warm. Green Plains is expected to shut down two ethanol plants in Iowa and slow one in Minnesota due to low margins. Not much additional news expected out today, but global stocks are handling the tariffs news ok so far. Have a good day. 9/12 USDA Report
USDA - Sept
USDA - Aug
Corn ending stocks
Bean ending stocks
Comments from Mid-Co Commodities
Average Price Program Results: Fall Corn=$3.71 Fall Beans=$9.85
7-day precip forecast (Sept 18-Sept 25) Have a good & safe day!
Rather fail with honor than succeed by fraud. Sophocles
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