Ag futures prices are trading lower as traders look to put an end to what has been to say the least a very tumultuous 2018. Grain markets are closed New Year’s Day. March corn continues to hang around the $3.75 price level. After a difficult second half to December, March beans are up 5 and trading within striking distance of the psychologically important $9 level to close out the year.
Grain markets and financial markets alike are eager for more news concerning U.S.-China trade negotiations, after President Donald Trump reports he had a “very good call” with Chinese President Xi Jinping last Saturday. News of the phone call between the two Presidents is helping to support the summer row crops with President Trump proclaiming that “big progress” is being made on a variety of trade and IT/IP fronts between the two nations.
I look for the markets to close lower today with month end and year-end sales as traders regroup to start the New Year.
Have a Safe and Happy New Year!!!