Markets open this morning at 0830 after a Holiday shortened mixed trade on Tuesday. Last comment of the year on volume; Tuesday saw the second lowest corn volume total of the previous 10 years with just 73K contracts trading. Soybeans nearly doubled corn vol with 137K trading.
Markets expected to open a touch easier this morning with nonthreatening weather in South America and recent history of weak trade the last week of the year.
The week between Christmas and New years have been rough the past few years. Six of the previous seven years have been lower for corn. Five of seven lower for soybeans.
Spokesman for China’s Ministry of Foreign Affairs said that the U.S. and China are in “close touch” on a phase one trade deal signing ceremony.
First notice day on soybeans, meal and oil next Tuesday. China bought 2.56 mmt of US soybeans in November compared to zero a year ago. Still a far cry from prior years.
Weekly export sales report normally released today will be out tomorrow. As of last week, US soybean sales to China stood at 385 mln bu. USDA suspected to have China dialed in for an additional 200 mln bu? January Supply / Demand report scrutinized for indications that will be increased?
On the year, spot corn futures trading 13¢ over a year ago with soybeans 66¢ higher.
Trade opens at 0830……
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