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Grain Commentary By Jeff Thatcher

Friday August 17th

Corn: -1
Corn traded both sides of unchanged throughout the session before ending just slightly lower.  Both the old and new crop contracts ended the day a penny lower as corn was again stuck between a supportive wheat market and a mostly pressured soybean trade.  Corn finished the week 6-7 cents higher as demand remains solid.  NAFTA negotiations continued this week with progress reportedly being made with Mexico which also helped to support the market.  Corn basis values have been under pressure lately, but ended the week mostly steady.  The USDA will update crop ratings Monday afternoon with traders expecting a small seasonal decline. 
Soybeans: -4 ¼         
Soybeans spent much of the session lower and ended the day with a modest loss.  November futures finished just over 4 cents lower after trading in an over 15 cent range.  Soybean products were mixed with soybean meal ending moderately lower while soy oil was just slightly higher.  Soybeans were able to recover a majority of last week’s loss, gaining over 30 cents on the week.  News of renewed talks with China regarding tariffs helped support the soybean market this week with stories today indicating that they hope to have an agreement by November.  Weather forecasts continue to show good chances for rains for much of the belt along with cooler conditions.  There are reports of a swine fever outbreak in China that is story that should be watched closely in the future as soybean and meal demand could be greatly affected.