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Market Commentary

Mid Morning MKT for Jul 11, 2018
This market commentary is for informational purposes only. The views and opinions offered in the report are solely those of Bunge Limited and its subsidiaries ("Bunge"). Bunge is not a futures broker and this is not an offer to buy or sell any commodity or futures contract. The information contained in this commentary has been obtained from sources believed to be reliable but is not necessarily all-inclusive and is not guaranteed as to its accuracy. Persons acting on any information contained in this commentary are responsible for their own actions.

Mid Morning MKT

By: Kyle Shepard

As of 7/11/18....

Good morning. Beans down 18, meal down $1 and oil down 45 pts. The White House last night stated they could implement more tariffs against China. Potentially slapping 10% import tariff on an extra $200 billion worth of Chinese imports. In the past we've seen China respond fairly quickly with additional retaliatory tariffs against the US, so we'll have to monitor Beijing and see what they announce. Would they slap additional tariffs against US soybeans if they're already priced out of the market? We've now given back all of Fridays gains and will test new 9 year lows for soybeans. The last time we saw beans south of 8.30 was all the way back in Dec 2008. Tomorrow we'll get a new WASDE report and we'll get our first look into a new reality of what the USDA projects for a soybean carryout, now that tariffs are in place. Palm took a tumble last night as a residual effect of the tariffs as well as a bearish SPOMA report for Jul 1-10 showing production up 8%. The MPOB was released yesterday as well showing higher stocks due to a huge increase in imports from Indonesia.
Outside Ag: USD index is slightly higher 0.2%, WTI crude is down -2.5% and the S&P is down -0.7%. Moving onto good news, I didn't get to mention yesterday, but all 12 kids and their coach trapped in the cave in Thailand were rescued. If you haven't seen a map or pictures of what the scuba divers had to swim through, it's pretty remarkable. Is it too soon to ask when will they make this into a movie and character will The Rock play? It's 7/11 which means it's national slurpee day. From my past experience trying to get free slurpees in college, you wait in a long line for basically a shot glass worth of slurpee. Just wait until tomorrow and spend the $1.50 for one and you don't have to wait in the line. Have a nice day.
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