Morning Comments November 19, 2018
Monday, November 19, 2018, 2:11 PM
Submitted by: Landus Cooperative
Corn: steady to 1 lower
Beans: 5 - 7 lower
Grains trading lower this morning after an active day last Friday. Soybeans rallied on headlines from Trump stating China is wanting to make a trade deal. The problem is there are doubts anything will be resolved before South American bean harvest. The bad news for U.S. soybean producers is that China is laying the ground work for longer-term alternatives. Several major international grain firms are said to have closed deals this week to establish future trade to China out of Brazil, Argentina, and Uruguay. President Trump is still scheduled to meet with China at the end of this month- all bean traders will be anxiously waiting.
Meanwhile, the corn market is having a tough time gaining much of a rally due to a 6.2% drop in crude oil prices last week. Corn exports last week were better than expected, but that wasn’t enough to move the market higher. Fundamentally, U.S. producers are wrapping up on harvest in the Midwest and everyone is waiting to see what we really had out there for yields.
Have a good day!