December 24th, 2019 Commentary by Ashton

Good morning! We have an abbreviated session today- markets will close at 12:05 CT. Corn remains unchanged while beans dip lower early Tuesday morning. Would expect today to be a slow trade day.

Weather forecasts remain overall favorable for most areas. Warmer and drier conditions for many areas in the US will allow some farmers to finish up harvest / areas in the north still could be covered with snow waiting for a few more days of favorable conditions.

The trade saw some private estimates on what the potential sales to China my look like after the Phase 1 deal is signed and brought a little bit of a surprise to some. The estimate showed in order what they highest demand from China will be with meats first, wheat second, corn third and coming in forth was beans. Have to remember that the ASF hit China probably much harder than was reported and feeding demand is not at the levels of normal .

Mar/May spread:  
Corn: 6 ¼ carry.
Jan/Mar spread:
Soybeans: 8 ½ carry. 

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