The corn market was lower overnight and is currently unchanged as traders don’t feel they have seen enough details from the US-China talks over the weekend. China remains silent regarding the trade truce that was apparently agreed to with the US. They have not agreed to buy large amounts of US commodities, nor have they agreed to lower tariffs on soybeans. President Trump did agree to delay any further tariffs for 90 days, but stated that all existing tariffs will remain in place until further notice.
Harvest progress was reported at 94% complete in corn and soybeans for the US in last night’s report. Wisconsin came in at 88% complete in corn and 94% complete in soybeans.
Sunday night’s markets gapped higher in both corn and soybean markets which I think will be filled in the coming week or weeks. Look for the markets to trend sideways to slightly lower with these gaps in mind.
Have a Safe Day!