The USDA weekly crop progress report showed corn harvest rating at 76% complete (77% expected, 66% complete last week, 89% last year, 92% 5-year average). Soybean harvest rating at 91% complete (91% expected, 85% last week, 91% last year, 95% 5-year average). Winter wheat conditions at 52% GTE (53% GTE expected, 54% last week, 56% last year). Winter wheat planting at 95% complete (95% expected, 92% last week, 92% last year, 95% 5-year average). China continues to press the U.S. to roll back tariffs in a tentative trade deal. A tariff cut is an "important condition" for the agreement that is part of talks on ending a costly trade war, said Commerce Ministry spokesman Gao Feng. Some economists believe a final settlement is unlikely this year. Some have expressed skepticism the two sides can complete the "Phase 1" deal at all. USDA confirmed U.S. exporters sold 132,000 tonnes of corn to an unknown destination during the 2019/20 marketing year.
Market Comments for November 19, 2019
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