Firm markets this the last day of Holiday trade. At 0600 Ch19 up another $0.01 at $3.80¾ and $0.08 off eh December low. SH19 trading $0.03 higher at $9.15 ¾ and has gained back 50% of the last half December 60 cent break.
Both corn and soybeans have bounced off technical support areas helping spark some additional technical buying. Will send a quick picture of those shortly.
Dow futures gaining 280 points this morning after the 660-pt. loss yesterday. Crude $1.04 higher this morning at $48.12.
Partial U.S. government shutdown hit the two-week mark with President Trump and congressional leaders scheduled for a meeting today. Becoming doubtful we will see the January 11th crop report as scheduled? Decision from USDA today.
Brazil weather front and center and concerning over the next two weeks for south central areas that have been much drier than normal. Brazil would have to be a dramatic reduction to have long term impact on overall market structure. In the short run however can fuel additional short covering and enhance a friendly technical picture. Expect to see a 10K foot view of world soybean stocks later this morning.
Dryness remains a concern for corn and soybeans across south central Brazil, particularly in eastern Mato Grosso do Sul, Sao Paulo, and Parana. Showers in these areas over the next few days should lead to some improvement, but additional showers will be needed. Dryness likely to increase in northeastern Brazil, where rainfall will remain below normal over the next 15 days.
US and Chinese officials set to sit down for face to face trade talks next week. Market always one tweet or headline from reacting.
Soybean deliveries continue to recirculate with 1,100 put out overnight.
No export sales or CFTC Fund position data with Gov’t shutdown.
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