Markets are higher with corn up 1, beans up 2 and wheat up 7 cents to kick off the Holiday shortened week. The CBOT will be closed on Thursday in observance of Thanksgiving.
Typically this is a one of the most bullish weeks of the year and with heavy snows (4″ to 20″) on the way for the Upper Midwest and northern Plains, we could still have over 1.25B bu. of corn still sitting in the fields when the system moves through later this week.
China has said it will raise penalties on violations of intellectual property (IP) rights in an attempt to address one of the sticking points in trade talks with the United States. Beijing will also look into lowering the thresholds for criminal punishments for those who steal IP, according to guidelines issued by the government on Sunday. China said it is aiming to reduce frequent IP violations by 2022. This has been one of the White House’s main sticking points during the negotiation process and Asian and World stock markets view the news as bullish.
While the pros wait for some definitive news on some sort of potential resolution to the trade war, the overall favorable weather forecast for South America has help dampen the bulls enthusiasm here in November.
Have a Safe Day!