A recap of commodities for the week:
- Corn down 2.5% for the week
- Soybeans down 2.4% for the week
- Wheat down 1.9% for the week (CBOT)
Are we looking at the last large week of soybean export sales until U.S.-China trade relations are resolved? 78.3 million bushels last week. China year-to-date has accounted for 53% of all our soybean export sales.
From Reuters: “Twenty ships carrying over 1.2 million tonnes [47 million bushels] of U.S. sorghum are on the water, according to export inspections data from the USDA's Federal Grain Inspection Service. Of the armada, valued at more than $216 million, at least five changed course within hours of China's announcing tariffs on U.S. sorghum imports on Tuesday.”
Here are links to a couple stories we’ve posted this week on sorghum:
Adding uncertainty to the market: Farm bill negotiations, NAFTA and TPP.
Weather forecast for the next week looks like a lot of more areas will be planting soon. Next Crop Progress report is Monday. Corn is behind for now but can catch up quickly. Rains in the Plains this weekend could put a further damper on wheat prices.