Feed Ingredients Report: Week Ending Sep. 21, 2018

Weekly Average Price History

Week	Corn	Soybeans	Wheat SRW
Sep. 23, 2018	3.49	8.33	5.17
Sep. 16, 2018	3.58	8.36	5.13
Sep. 9, 2018	3.54	8.29	4.92
Sep. 2, 2018	3.44	8.26	5.08

• The United States and China imposed fresh tariffs on each other’s goods on Monday as the world’s biggest economies showed no signs of backing down from an increasingly bitter trade dispute that is expected to knock global economic growth.
• Soon after the new duties went into effect, China accused the U.S. of engaging in “trade bullyism” and said it was intimidating other countries to submit to its will, the official Xinhua news agency said, reiterating China’s willingness to fight if necessary.
• Chicago soybean futures eased further on Monday as a trade conflict between Washington and Beijing rumbled on, while corn inched down after an export-fueled rally last week as traders awaited a clearer picture on the U.S. harvest.
• Wheat edged higher, underpinned by adverse weather in Australia that could add to a trend of tightening supply in major exporting countries.
• U.S. and Canadian officials trying to reach a deal on North American Free Trade Agreement (NAFTA) are “very likely” to hold informal talks on the sidelines of a major United Nations meeting in the next few days, Canadian Prime Minister Justin Trudeau said on Sunday.
• With time running out ahead of a U.S.-imposed deadline of the end of September, negotiators are making slow progress on updating the NAFTA.
• U.S. President Donald Trump struck a side deal on NAFTA with Mexico last month and has threatened to exclude Canada if necessary. He also said he might impose a 25% tariff on Canadian autos exports, which would badly hurt Canada’s economy.

Weekly Spotlight

Wheat stocks held by major exports are in vast decline, with a STU ratio of 12 percent through 2018/19 – the tightest on record.