Allendale Ag Leaders Conference Starts Today
Good Morning from Allendale, Inc. with the early morning commentary for July 23, 2019.

Grain markets are higher overnight after yesterday's sell-off on forecasts of cooler weather in the Midwest which eased concerns about crop yield losses. Traders continue to remain uncertain about this years crop prospects as heavy rains caused unprecedented planting delays. Traders will stay focused on weather conditions as they wait on new USDA information.

Annual Allendale Ag Leaders Summer Conference begins today at 2:00 p.m. CDT. Drew Lerner of World Weather, Inc. will kick off our webinar series with his insight into what kind of weather we can expect as we head into harvest and beyond. Dont miss this opportunity to join us by Registering online, or call Zach at 800-262-7538 for best pricing.

USDA Weekly Crop Progress report showed corn condition ratings at 57% GTE (58% GTE expected, 58% GTE last week, 71.4% 5-year average). Soybean condition rating at 54% GTE (54% GTE expected, 54% GTE last week, 67.2% 5-year average). Spring wheat condition ratings at 76% GTE (expecting 76% GTE).

President Trump said U.S. Treasury Secretary Steve Mnuchin had a very good talk with his Chinese counterpart, amid signals from China that officials could soon meet face-to-face in their bid to end a yearlong trade war.

Funds were net sellers of -27,000 corn contracts, -10,000 soybean contracts, -10,000 wheat contracts, -3,500 soymeal contracts and -4,500 soyoil contracts.

President Trump said he believed Chinese President Xi Jinping has acted "very responsibly" with the protests in Hong Kong over an extradition bill that could see people from the territory sent to China for trial. "I know that that's a very important situation for President Xi," Trump said, adding that "China could stop them if they wanted."

AgRural says Brazil's second-corn harvesting has reached 67% of the planted area in Center-South fields (36% complete last year). Mato Grosso leads Brazil's second corn as harvesting at an estimated 89% complete so far this the season, AgRural said.

Cold Storage showed end of June pork stocks at 622.367 million lbs. (expecting 594.548 million lbs). Beef inventories at 394.525 million lbs. (expecting 388.791 million lbs.).

Experts estimate African swine fever will wipe out about a third of China's pork production this year (18 million tonnes). This is twice the amount of pork exported worldwide every year and enough to feed U.S. consumers for almost two years.

Dressed beef values were mixed with choice down 0.10 and select up 0.08. The CME feeder index is 138.16. Pork cut-out values were up 2.08.