Quiet markets again this morning with corn and soybeans both hovering around unchanged to up 1.
The Chinese delegation will be in the US tomorrow and President Trump says talks are going very well. Funds are estimated to be short over 250,000 contracts as of today; the question is what it is going to take for them to cover their short.
Texas was at 51% planted on yesterday’s state progress report, and we will get the US progress report next Monday. If the weather holds there will be some planters to start rolling in Central Illinois next week.
Large inventories of corn and soybeans remain a significant problem and will continue to weigh on the markets. The trade deal would provide a lift as an additional $50 billion of Chinese spending will create new demand that should help.
Have a Safe Day!