11/15/19- Boards flirting slightly weaker to unchanged this morning.  Yesterday’s weakness likely attributed to negative stories published about China trade war.  Trump has said that China has agreed to buy $50 billion of ag products annually, and China does not want to put a hard number commitment down on paper.  Their reasoning; if trade war talks escalate again, they want the ability to back out of purchases, also want to make sure the deal appears favorable for both countries.  Other sticking point of the 15% tariff increase in December remains too.  The US refuses to walk the increase back, and China thinks it should be done as a sign of good faith.  With that being said, the White House also said yesterday that phase one is close to complete and should be done Mid-December.  Both sides continue to posture, and a deal being done seems tentative at best.  Another GASC tender went down this week, Russia/Ukraine selling.  Values roughly the same as the previous, meaning neutral/bearish our markets.  Weekly export sales were ok for wheat at 238.6K MT, slightly above the low range of expectations, but nothing to get excited about.  Corn exports also ok and in line with expectations at 581.6K MT, but below what we need to average weekly to hit the USDA’s yearly number by about 250K MT.  Soybeans were good at 1,253K MT high end of the range, China major buyer. 

MARKET UPDATES AND GRAIN INFORMATION now also available via Washington Grain Commission Podcast here