Early Market Talk Friday, August 30, 2019

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Markets firm overnight on renewed optimism toward Chinese trade issues and noise from Trump administration that a “giant package” related to ethanol will be announced soon. Not to throw a wet blanket on things but unless it directly translates into another 500 mln bu of corn use its all just market noise.

At 0630 CZ19 trading $0.01 ¾ higher at $3.73 on vol of 25K. SX19 $0.05 ¾ higher at $8.61 ¾. Chi and KC wheat giving up some ground.

Wrapping up the month of August today and corn trading near 38 cents lower with soybeans off about 7 cents.

Dow futures trading 135 pts higher on trade optimism and trying for a third straight higher close. Dow trading the highest since Aug 5th.

Corn deliveries totaled 400 contracts this morning with a last trade date assigned June 26th and saw no commercial activity. Soybean deliveries totaled 866 contracts with a last trade date assigned of Aug 28th. Term put out 178 receipts.

Weird spread trade late yesterday with CUCZ hitting 12 ¾ late with central IL corn basis at 28U.

Open chart gap on CZ19 between $3.92 and $3.88 getting some attention. Cool temps remain largely in place for the next week. Lite rains across the belly the next 48 hours with more substantial amount mid / late next week. No Frost alarms sounding.

Markets closed Monday in observance of Labor Day. Night trade will start at 7:00 PM Monday as usual.

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