Market News- POET: Portland 09/19/19 8:06:08 AM
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| September 19th, 2019
- Export sales released this morning were very strong for both corn and soybeans. Corn sales came in at 57.7MM bushels – well above the average guess of 43MM bushels. Digging into the corn number a bit: 80% of the total sales went to Mexico, so while the sales seem impressive at first glance, the US is still missing out on most of the business outside of captive sales to Mexico. Even with the large sales this week, YoY export sales for corn are still -47% of last year at this time. Soybean sales were approximately 64MM bushels, with 21.8MM bushels being sold to China (as part of their “goodwill gesture”), and another 15.7MM bushels to “unknown”. The unknown bushels are likely to China as well.
- President Trump is scheduled to meet with Farm State Senators today to discuss Biofuel policy. This follows his meeting yesterday with oil state legislators.
- US and China trade representatives are scheduled to meet in Washington today to continue trade negotiations. This is the first meeting between the two countries in more than 2 months.
- The US weather forecast is still absent of any frost threat which now extends into October 9th. September is shaping up to be one of the warmest on record, and has been nearly ideal for grain fill on late-planted crops.