USDA Reports on Friday and Canada Tips NAFTA
**President Trump spoke to farmers and ranchers at the American Farm Bureau Federation 99th annual convention Monday in Nashville.
Trump said his administration is fighting for the millions of hardworking but forgotten Americans. He promised the Republican tax plan would deliver “historic relief” for farmers and was committed cutting regulations to benefit farmers, and that he supports a farm bill that includes crop insurance.
The president also expressed support for the expansion of high-speed internet in rural America.
**A wall of data will hit the grain markets at noon today when the USDA releases several major reports. In addition to its latest monthly World Agricultural Supply and Demand Estimates, the agency will publish quarterly inventory numbers and its winter-wheat plantings report.
Any price reaction on the day could be to the upside, as the consensus view in corn, soybeans and wheat is almost uniformly bearish. Hedge funds and other large speculators hold the largest bearish bet on grain prices before a January report since 2006.
**Canadian government officials are being coy when asked about the likelihood of President Trump pulling the U.S. from NAFTA, declining to say if odds have risen above 50-percent.
According to Bloomberg, White House official will only say there’s been no change in the president’s position on NAFTA.
Trade relations between took a dramatic turn this week, with Canada escalating its trade spat by filing a WTO complaint over American duties against Canada and other countries.