Softer markets overnight and this morning as we give back some of yesterday’s gains as uncertainty remains around the Chinese-US trade truce. The ag markets are starving for more detail as we await the next piece of news around this last weekend’s talks and any future discussions. China’s government hasn’t been able to formulate a response to the summit this last weekend with President Trump because President Xi and his senior officials are still out of the country.
Without a weather issue in South America the demand for US beans will continue to shrink regardless of trade talks. With US bean carryout’s approaching the 1 billion bushel level in the last report, it will take some time and a lot of demand to bring these levels back down.
So far this week the markets have gained 7 cents in corn and 18 cents in soybeans in what may be a buy the rumor sell the fact move.
Have a Safe Day!