From: Terry Reilly
Sent: Friday, August 17, 2018 4:43:50 PM (UTC-06:00) Central Time (US & Canada)
Subject: FI Evening Grain Comments 08/17/18
PDF attached
Soybean complex.
· Soybeans traded sharply lower but prices rebounded more than 10 cents to pair most of today’s losses after the WSJ reported China wanted to resolve trade disputes by the time President Trump and Chinese leader Xi Jinping meet in November. The talks scheduled next week (Aug 22-23) may include some insight on how both countries will approach resolving the dispute. The WSJ headlines also provided a bullish undertone in stocks and other commodities.
- Wheat futures ended sharply higher, in large part on rumors the Russian AgMin may impose a 30-million-ton wheat export cap for 2018-19. Russian grain production is down from last year after adverse weather hit a good portion of the major growing regions. Russia exported 5.5 million tons of wheat since July 1, 80 percent higher than the same period a year ago. Previously the AgMin projected wheat exports at 35 million tons. Russia has plenty of time to decide on curbing wheat exports as they have at least six months of exportable supply before they reach 30MMT. The AgMin did not confirm a export cap.
Terry Reilly
Senior Commodity Analyst – Grain and Oilseeds
Futures International │190 S LaSalle St., Suite 410│Chicago, IL 60603
W: 312.604.1366
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Skype: fi.treilly
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Evecom-FI081718.pdf