What do Oakmont, Baltusrol, and Oakland Hills have in common?
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Grain Market Insight
Afternoon comment 6-15-18 Grain markets under pressure again today as China indicated it would match US tariffs dollar for dollar. China didn’t give any details on what products it would match US tariffs with, but indicated it would be against agricultural products and autos along with other products. July corn closed slightly lower as US crop conditions remain favorable. July soybeans closed shapely lower as Trump approved roughly $50 billion of new tariffs against Chinese goods. China will immediately retaliate and likely put a tariff on US soybeans. July KC wheat traded both sides today but closed slightly lower. Russia’s wheat crop remains dry but Ukraine did receive some beneficial rains. Closing cash bids wheat, corn and milo down 2 cents and soybeans closed the day 21 cents lower. Have a great evening.
Morning Grain Comments 6-15-2018 – Good growing condition in the U.S. for fall crops and trade talk and tariffs had the grain markets moving south overnight. The soybean market seemed to be the leader overnight as it is the most vulnerable to the trade issues with China and wheat and corn seemed to be willing followers. Wheat harvest continues to ramp up with most of the grain being dry and with a few exceptions, test weights have been good. In world grain trade news, NOFI and KFA in South Korea have tendered for a couple of cargos of optional origin corn totaling 134,000 tonnes and a cargo of soybean meal from South America, Jordan has tendered for 120,000 tonnes of milling wheat, and China reportedly sold another 780,000 tonnes of corn from their state reserves. At the end of the night session at 7:45 this morning, Kansas City July wheat was 10.5 cents lower, Chicago July corn was down 5.5 cents, and Chicago July soybeans were 19.75 cents lower. Have a great day and harvest weekend. Be safe on the roads with the increase in truck traffic.
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