The saga continues as China wants to negotiate more concessions. Not only do they want to see the October and December tariffs delayed, they want to see some of the tariffs that have been put in place rolled back before they commit to big Ag purchases. For now it appears that we have proposals but no deal.
While the storms were bad, the excessive snow did not cover as big of an area as predicted last week but the idea that some damage has been done should provide support. It will take time before the market can get an idea of how much damage was done by the snow and freezing temperatures over the weekend. I would not expect this to be captured in the November WASDE, but some of it could be.
Corn and beans are lower this morning as things with China have simmered and will take time to get the first phase agreed upon. Both commodities have had a sizable run in the last few days and may be running out of steam for the time being.
Have a safe day!