Morning Comments December 3, 2018
Monday, December 3, 2018, 2:12 PM
Submitted by: Landus Cooperative
Corn up 3 to 5 cents
Beans up 14 to 17 cents
The day we’ve all been waiting for – the Monday following the much anticipated G20 Summit meeting in Argentina. Soybeans jumped up 30 cents initially on last night’s opening, backing off to about half of that now. The big takeaways that we are focusing on is China will be buying a “substantial amount” of agricultural products from the U.S. While this is no doubt promising for the soybean market, just how promising is left to be decided. Not only can this impact soybean prices today, but also how many corn vs. soybean acres we will see planted in 2019.
In other news, many parts of Iowa and Nebraska saw weekend precipitation in the form of rain or snow. Friday’s CFTC Report showed funds to be net sellers of corn, at -22,148 contracts as of last Tuesday. For soybeans, funds only bumped their net short position by 3,616 contracts to -63,862 contracts ahead of last weekend’s meeting.
We are in a “wait and see” this morning in regards to how trade will continue to digest the information from the weekend.