Prices are trending higher this morning as they recover from yesterday’s selloff following comments from US Trade representative Robert Lighthizer who reportedly said they made no real progress over the last week in talks with Chinese officials.
The market appears to be focusing its attention on the S. American weather forecast with the latest showing a drier outlook for Brazil over the next two weeks.
With the lack of USDA reports to confirm or deny any rumors of export sales, the market will continue to trade S. American weather and trade rumors. Any rally in the markets should be sold as the long term outlook is a carryout in corn and soybeans that will not be reduced significantly to push the markets significantly higher.
Have a Safe Day!