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Grain and livestock futures remain weaker, though we think they’ll be more stable as we move toward Friday. A disappointing February soybean crush number only adds to uncertainty in the soybean complex, President Trump hinting that that March 31st meeting in Beijing could be delayed if China doesn’t help with security in the Strait of Hormuz.
A delay in that meeting only delays a trade deal, but Chinese officials maintain that they are committed to purchasing 25 million tons of soybeans each of the next three years. Plains wheat damaged by frigid cold early week only to be replaced by record heat coming tomorrow and Friday. And the livestock complex, June lean hogs below that 50-day moving average first time in three months.
Audio Reporting by Mark Oppold for Southeast AgNet.