Corn is unchanged and soybeans are up 7 to open the week. Reports from Ag Secretary Sonny Perdue last Friday after the markets had closed that China had committed to buy an additional 10 million metric tons of soybeans has added some short term support to the markets. Whether these are old or new crop beans remains to be seen. Perdue also said that China is interested in corn, ethanol, dried distillers grain, beef and poultry. President Trump has said that he will hold off increasing tariffs for now because substantial progress has been made in talks with China.
Mexico stepped up to purchase just under 280 mt of corn overnight in an apparent attempt to secure grain ahead of any Chinese activity.
Fridays Cattle on feed report showed cattle marketed during December was 99.4% of last year, placed on feed was 98.2% of last year and cattle on feed was 101.7% of last year. All three were below trade estimates.
Have a Safe Day!