Good morning! Beans gapped lower overnight from yesterday’s close; corn and wheat traded both sides, but favored the negative. Beans continued to sink leading into the break, pulling corn with it. Beans have closed higher for 4 days in a row. Markets feel uneasy this morning about the Chinese trade deal and SA bean production prospects continue to improve, look for a lower day. On a side note, we probably won’t be seeing the Farm Bill until next week.
Corn: H/K 7 carry
Beans: F/H 12 ½ carry
Lower, but closed off the day’s lows, across the board today. South American weather is favorable and there are questions about what’s going on with China and the US. The current cease-fire between the US and China had doubt cast on what was a rosy outlook to get something done when the CFO of Huawei was arrested in Canada at the request of the US. There have been charges of bypassing sanctions on Iran circulating as the reason for the arrest.