Morning Comments December 4, 2018
Tuesday, December 4, 2018, 2:12 PM
Submitted by: Landus Cooperative
Corn steady to down 1
Beans up 1 to 4
Wheat -1 to -4
Please note that the Board of Trade will be OPEN on Wednesday. As you have most likely heard, Former Pres. George H. W. Bush passed away over the weekend. Most federal markets/agencies will be closed on Wednesday, during the national day of mourning. This includes CME equity futures markets, but not the agriculture markets, like the CBOT.
There will be a normal day of trading for all of the grain and livestock markets.
December corn closed 4 3/4 higher yesterday at $3.71 1/4, primarily supported by short covering (funds bought 9,000 contracts) and strength in the soybean market. While the corn market is benefiting so far from the announcement of the truce between the U.S. and China, as of now there is no evidence this will result in China buying corn from the U.S.
January soybeans closed up 11 yesterday at $9.05 3/4, backing off from where they were earlier in the day following positive news on the China/U.S. truce front. Funds were net buyers of 11,000 contracts. NASS reported October crush at 183 million bushels, on track with trade expectations and 4% higher than last year.
Markets are hanging around indecisive/concerned on corn this morning, but the optimism continues on beans as we try to figure out what exactly will come out of this trade cease-fire.
As always, we encourage you to leave firm offers for pricing your grain.