Good morning! Happy Friday. It’s been a long, slow week. Corn and soybean prices are lower while wheat futures are mixed early Friday. Look for sideways choppy trade into the weekend.
Weather is still the focus for crops and right now it looks favorable into the first week of October. The 16-30 day forecast calls for warmer temps and near normal rainfall. Weekend rain may delay planned harvest early next week.
Deputy level talks between the US and China continue in Washington today. Chinese officials will visit Bozeman, Montana and Omaha, NE next week to tour meat plants and a few soybean areas.
The US will exempt over 400 Chinese products from tariffs, including Christmas lights, plastic straws, and printed circuit boards. These items were approved from over 1,100 exclusion requests.
Have a great and safe weekend!
Dec/Mar: Corn: 11 ½ carry
Nov/Jan spread: Soybeans: 13 ¼ carry.
–CZ short term support at 365 ¼, then 361 ½, better support at 352 ¼ – 353 ¼; resistance at 374 ¾, then 378-380.
–SX support at 884 (50-day MA), 879, then 857 ¾; first resistance at 900 on a closing basis, then 915.