U.S. Dollar Eases Off 11-Month High

中国大豆股Hit 8-Year High

Soy stocks at ports in China hit a cumulative 7.8 MMT this week which is the highest mark in eight years. Normally stocks peak in August, so Crushers likely loaded up on the Brazilian product in fear that soured U.S.-China trade relations would ultimately make beans harder to obtain.

Export Sales Announcements

出口销售131,300吨玉米供墨西哥送货。在2017/2018营销年度，总计30,000吨用于交付，在2018/2019营销年度为101,300公吨用于交付。在2018/2019营销年度，出口销售117,000公吨玉米供巴拿马交付。

Ukraine Wheat Harvest Likely to Shrink

Ukraine’s Ag Minister pegged the wheat harvest this season between 23 and 26 MMT. Ukraine harvested 26.2 MMT. Weather forecasters said this month most Ukrainian central, eastern and southern regions have seen no rain since April and a severe drought could shrink this year's wheat harvest by 15 to 30% below original forecasts.

U.S. Dollar Eases Off 11-month High

The dollar pulled back from its 11-month high after U.S. manufacturing data released by the Fed showed weaker than expected results. The dollar has rallied sharply in recent months as the Fed has signaled more interest rate hikes to come. But traders are wary of an economic slowdown tied to U.S. trade policies going forward.

In the last two months the USD index had shot up 6%. A higher US dollar is detrimental to US export sensitive commodities.

天气最有利

Rains should continue through the next five days, likely a factor producing near to below normal temperatures. This pattern will remain favorable/positive for crops. A warm-up is on the way yet again for the 6-10 and 11-15 day forecast.

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—Kevin McNew