Corn and soybeans are both trading 2-3 lower this am. Traders remain unwilling to take a position as the wait for a trade deal with China continues.
Weather in South America appears more bullish today as a high pressure ridge is forecasted for Central Brazil in the next two weeks. This ridge will bring below normal rain and above normal temps. The dry area in Southern Brazil will stay dry for the next two weeks as well. Argentina looks to remain wet, but more of a normal pattern.
Corn has hovered around $4 for the December CBOT for the last two months. Prices for corn in January are rarely the high for the year. If prices drop off of the current highs, 90% of the time we take the January highs out later in the year. In the last 10 years beans have spent more than 80% of their time at $9 or above. While these statistics are interesting and would tell one not to sell, we have never experienced the current situation we are in. With Chinese trade issues, US government shutdowns and the ample stocks in both corn and soybeans I would not be willing to bet on this market.
Have a Safe Day!