Morning Market Direction:  Corn and Soy unc to down 1

Markets are mixed in the overnight trade as fresh news remains limited. Weather continues to remain nonthreatening.  The trade is anxiously awaiting any news from today’s meeting between US and China trade delegations.

Current weather forecasts show widespread rain will blanket the Midwest over the weekend.  Although the unusual warm temps will be diminishing, there is still no threat of a frost/freeze into the first week of October.

A wetter trend appears to be evolving for Brazil. Current forecasts are showing rains to fall across Brazil soy areas next week.  Rains for Argentina will remain limited.

The average trade estimate for this afternoon’s Cattle on Feed Report has the number of cattle on feed as of September 1st at 99.4% of a year ago. Placements in August are estimated at 94.5% and marketed in August is pegged at 98.4% of a year ago.

U.S. and China trade officials are meeting in Washington for a second day to prepare for trade negotiations to be held in October. U.S. Commerce Secretary Wilbur Ross told the Fox Business Network on Thursday, that it remained unclear what China wanted and that "we will find out very, very shortly in the next couple of weeks."

After trade talks with Chinese negotiators wrap in Washington, a small group of those officials are planning a trip to visit U.S. farms. The delegation, led by Vice Minister for Agriculture and Rural Affairs Han Jun, is currently planning visits to Bozeman, MT, and Omaha, NE.

EPA Administrator Andrew Wheeler told Congress on Thursday small refinery waivers to the US biofuel mandate have not hurt ethanol demand and they have seen an uptick in ethanol over the last two years.

The U.S. is temporarily exempting more than 400 types of Chinese products from tariffs that President Donald Trump’s administration imposed last year. The exclusions include things like Christmas tree lights, plastic straws, dog leashes and printed circuit boards, for a total of 437 types of products.

Summary Items:
Trump expected to grant some temporary tariff exemptions.
A wetter trend appears to be evolving for Brazil.
Fresh news remains limited.

Corn - $4.00 Spring    

Beans - $9.54 Spring