Corn and soybeans are steady on the overnight trade.
African swine fever continues to spread throughout China and was confirmed in Vietnam earlier this month. The highly contagious disease was confirmed in two more provinces near the border shared with China. The virus is spreading to locations around the capital city, which will host the second summit between President Trump and North Korean leader Kim Jong Un later this week. In Vietnam, pork accounts for three quarters of the total meat consumed in the country, leading officials to try to find ways to keep the disease from spreading.
The weather forecasts in Brazil has been good for crops and improved chances of rain in parts of Argentina are possible. The USDA’s projections for Brazil’s soybean crop are at 115.5 MMT, compared to 120.3 MMT last year. This is due to the hot, dry weather that occurred during the key growing season timeframes. Analysts are starting to watch the weather forecasts in South America concerning the corn crop, due to the possible record production and increased potential for export competition.
Market Movers: Trade negotiations with China, exports and technical selling
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