Good morning, beans traded higher overnight, with corn and wheat slightly lower. US stocks were down slightly and crude oil is down 60. Over 60,000 contracts of beans traded last night, expecting purchases from China this week ahead of the December 15th tariff deadline. China has waived tariffs for soybeans and pork for now. New tariffs on 156 Billion dollars worth of Chinese goods could be imposed this week. Pulling the tariffs is a good thing, but as many times as traders have been burned so many times, there are still a lot of non-believers.
Corn harvest is expected to be somewhere close to 92% complete this afternoon. Weather looks better this week, and harvest will be mostly complete by next Monday.
Argentina is still on the dry side early in this growing season. Some rain may start to develop in the Northern Corn area, but the South looks dry for the next 10 days. Brazilian weather looks the same with regular rains coming weekly. Rainfall totals in Brazil with range between 1-5 inches. Temps will be very normal, in the 80’s to lower 90’s.
Tomorrows USDA S&D report isn’t expected to provide any big changes as most are expecting the January 10th Production and S&D report to be the next potential market mover.
Have a Safe Day!