Good Morning,

Overnight China and the US discussed the road map for the next stage of their trade talks. Both sides exchanged views and worked out details for continued meetings when the Chinese delegation comes to the US.(A meeting in DC is expected soon). There are rumors of a purchase of 5-8 mmt of beans getting bought this week from China. China imports close to 7 mmt/month, so this number seems about right.
USDA crop report out at 11am today with little surprises expected. Corn carryout is expected to increase slightly from the November report. Estimates for today’s report are listed below.

2018-19 Ending Stocks (million bu)
December 11 Average Est. USDA November
Corn 1.781 1.744 1.736
Soybeans 955 938 955
Wheat 974 969 949

2018-19 World Stocks (million metric ton)
December 11 Average Est. USDA November
Corn 308.8 308.4 307.5
Soybeans 115.3 113.2 112.1
Wheat 268.1 267.3 266.7

Have a Safe Day!

Garry Gard