December 19th, 2019 Commentary by Ashton

Good morning! Back and forth we go this AM with minor bounces in the grains while beans are feeling a little pressure on a corrective pull back.

Phase 1 trade deal is the hot topic and will remain that way as we wait for further details and when the signing will happen- in the meantime many will hold tight and remain cautious until concrete answers are available.  It seems that some in the trade will continue to debate how China will be able to purchases $40 billion or more goods in one year from the US if cheaper offers remain in place.

Argentina has gotten some rain relief, but not enough to erase areas of dryness.  Northeastern Brazil remains dry.

Have a great and safe day, stay warm out there.

CH first support at 385, then 378 ½. Resistance at the 100-day MA at 390, then 392 ¼, the 400.   
SF support at 918 ¾, then 912 ½.  Resistance at 940, then 960.     

Spreads:
CH/CK carry at 6 ¾ cents.
CH/CN carry at 12 ½ cents.
SF/SH at 12 ½ cent carry. 
SF/SN carry at 37 ¾ cents. 

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