Morning Grain Market Research

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I will be traveling early tomorrow morning and as such will be unable to write morning commentary, but gauging from the news around today, I do believe it will not matter too much. All we are really doing is rehashing old news, i.e., Federal government shutdown and U.S./China trade or talking about the dry weather in Brazil and wet in Argentina. This is not to say, something new could emerge from these topics, but for now you have to say this information is pretty well kneaded into the dough.

Secretary of Ag Perdue did announce that 2,500 employees for the FSA have been called back to work for three days to process loans and tax documents. This means 983 of the 2,124 offices will be open for that brief window of time. Also from the USDA, Chief Economist Robert Johansson has stated that the 95thannual Ag Outlook Forum that is scheduled for the 21st/22ndof February will be held, but may have a few changes made in the program. Last but certainly not least in the Washington news, Chinas Vice Premier will be headed to the U.S. for additional trade discussion on the 30th/31stof this month.

Independent consultant, Strategie Grain has issued updated projections for the 2019 EU crops, which break down as follows; Soft wheat, 146.4 MMT, up 15% from last year. Corn, 62.4 MMT up 4% and barley at 61.8 MMT, up 11%.

Industry sources say that South Korea has been active purchasing corn over the past few days but outside of this, I find little is to pass along. Possibly next week will provide us something new.

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