Dec 19, 2018
Good Morning from Allendale, Inc. with the early morning commentary for December 19, 2018.
Grain Markets remain optimistic as traders look for more confirmed export sales to China. Overnight sales announcements will be watched closely at 8:00 AM CST this morning.
World Weather, Inc. will kick off our annual outlook series next month with an updated look at 2019 weather prospects. In addition, we'll have full price and fundamental outlooks for corn, soybeans, wheat, cattle and hogs. Find out more and get registered!
Treasury Secretary Steven Mnuchin said that the United States and China are making plans to have meetings in January to negotiate a broader truce in their trade wars. He further added that they are unlikely to have face-to-face meetings before then.
Chinese importers returned to the U.S. soy market on Tuesday for their second round of purchases since the two countries agreed to a truce in their trade war, four traders with knowledge of the deals and the U.S. Soybean Export Council said. One trader said Chinese state-owned companies bought 15 cargoes, or about 900,000 tonnes, on Tuesday for shipment from January to March, deals that would be worth more than $300 million. (Reuters)
Rains in Argentina are being viewed as beneficial as they are helping to increase soil moisture in important soybean areas. The soil moisture will be important come February when the crop will be flowering.
Managed money funds were estimated buyers of 7,000 corn contracts, 3,000 soybeans, 2,000 soymeal, and 3,500 soyoil in yesterday's trade. They were sellers of 2.500 wheat in what was likely profit taking....
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