Morning Outlook

Overnight Highlights

• Overnight grain markets: Corn +5 ½, Soybeans +8, Wheat +8, Crude +.16, Gold -2.70, Dollar +.11, Dow futures +74.
• China extended an olive branch as they indicated they are willing to end the anti-dumping probe into U.S. sorghum imports, boosting optimism that the two sides will work together on trade issues.
• U.S. Trade Representative, Lighthizer, said yesterday that NAFTA partners are still far apart regarding differences around labor, agriculture, energy and intellectual property.
• Buenos Aires Grain Exchange further reduced the Argentine soybean crop estimate to 36 MMT, with abandonment up and yields down.
• Argentine crushing plant workers went on strike to protest layoffs by Cargill.
• South Korea bought 63,000 MT of feed wheat in the overnight.
• Thursday funds sold 6,000 corn, 5,000 soybeans, 2,000 meal. Bought 3,000 wheat, 4,000 oil.

Commodity Weather Group Forecast

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