-US and Mexico reach NAFTA agreement – talks with Canada resume in short order
-USDA announces details of farmer aid package
-Rains moving across corn belt regularly over next 10 days
-USDA reports new crop SBM sales to Mexico
-Global palm oil production increase expected to continue in 2019
-USDA announces details of farmer aid package
-Rains moving across corn belt regularly over next 10 days
-USDA reports new crop SBM sales to Mexico
-Global palm oil production increase expected to continue in 2019
 The U.S. and Mexico reached a bilateral deal on their segment of the NAFTA agreement, with both sides stating the deal will remain in place even if the U.S. and Canada cannot come to terms by Friday, which is the deadline set by Mexico to allow enough time to have a “new NAFTA†ratified before the new president takes office December 1. Canadian and U.S. official are said to begin meeting today, once again, in an attempt to make it a trilateral agreement, which is Mexico’s strong desire, although President Trump has been outspoken that an agreement with Canada is not necessary for the deal with Mexico to move forward.
 The USDA announced details of the farm aid benefit package to help offset price declines to farmers as a result of the retaliatory tariffs against China, which have hurt U.S. ag exports. Farmers will receive $1.65/bushel for soybeans for 50% of this year’s production, for total estimated payouts of around $3.6 billion. Payments will also be made on 50% of production of 86 cents/bushel for sorghum, 1 cent/bushel for corn, 14 cents/bushel for wheat and 6 cents/pound for cotton. Hog farmers will receive $8/pig for 50% of August 1 production, while dairy farmers receive 12 cents/cwt. The CCC has held off on making payments on 100% of production pending further developments in the situation, but the remaining 50% production payouts may be made at some point. Signups begin Sept 4 and end in January. Payments to individual farmers will be capped at $125,000/person. Details of the plan can be found in the USDA’s official announcement at https://www.usda.gov/media/press-releases/2018/08/27/usda-announcesdetails-assistance-farmers-impacted-unjustified.
ï‚· U.S. corn and soybean crop condition updates yesterday afternoon were a bit better than expected, with corn conditions marginally ticking higher (1% shift from good to excellent) vs unchanged expectations, while soybean conditions improved 1% g/e vs unchanged ideas, as well. The corn crop continues to advance rapidly, now 10% mature vs 5% average (IL 11% vs 4% avg, IA 7% vs 1% avg and KY 47% vs 24% avg) and denting at 61% vs 42% avg nationwide (IL 80% vs 53% avg, IA 63% vs 38% avg, MN 45% vs 32% avg). The TX crop is 52% harvested vs 51% avg, LA 83% vs 67% avg, MS 39% vs 35% avg, AL 27% vs 17% avg, AR 14% vs 20% avg and GA 55% vs 60% avg. Spring wheat harvest is now 77% complete vs 61% avg (ND 77% vs 53% avg). ï‚· USDA reported the sale of 199k tonnes of soybean meal to Mexico this morning, of which 147k tonnes is for new crop 2018/19 and 52k tonnes is for the following year 2019/20.
 Oil World analyst Thomas Mielke said he expects Malaysia’s 2018 palm oil production to hit 19.8 MMT, nearly unchanged from last year’s 19.92 MMT, but a bit below previous ideas of 20.2 MMT amid a slight dip in yields from peak levels earlier in the year. He sees 2019 production, though, bumping back higher to 20.4 MMT. Globally, Mielke expects world palm oil production in 2018 to hit 70.2 MMT, up from 67.9 MMT last year, with further increases to 72.7 MMT in 2019. He sees the potential for a rebound in Malaysian palm oil futures to round 2,500 ringgit/tonne ($609/tonne) in the months ahead from current levels of 2,232 ringgit ($543), with a floor seen at 2,100 ringgit ($511). His comments helped palm oil futures bounce overnight.
 A survey of Indonesian palm oil industry associations/industry groups showed ideas the country’s palm oil production in July was 3.897 MMT, up from 3.452 MMT in June and solidly above last year’s 3.587 MMT, while end July palm oil stocks were seen at 4.300 MMT, nearly unchanged from June’s 4.335 MMT and still running a massive 78% above last July’s 2.422 MMT. Exports rose in July to 2.887 MMT from 2.477 MMT in June (2.400 MMT last year), which prevented stocks from rising despite the increase in production. Indonesia does not report official monthly palm oil data.
ï‚· After the close yesterday, Egypt tendered for wheat for Oct 11-20 shipment. The lowest offer was for 55k tonnes of Russian wheat at $239.77/tonne c&f, while Ukrainian wheat was offered at $244.90/tonne c&f. Weather Showers and thunderstorms impacted the western and northern Midwest yesterday. Totals in most of MN and IA were in the .20-.80†range, with amounts of .50-1.5â€+ across WI and MI. Rains of .50-1.5†are expected for most areas north of a line from around Kansas City to Chicago to Detroit in the next 24- 36 hours and then will go on to produce totals of .30-.85†to the southern ½ of IL, most of IN and OH tomorrow and early Thursday. Over the weekend, .50-1†rains are expected across MN, WI an MI, with amounts of .25-.75†for IA and the northern 1/3rd to ½ of IL, IN and OH. Another system mid next week has the GFS expecting widespread .50-1†amounts, with the European having similar amounts but mostly north of I-80.