Good morning! It has been consistent all week long that the market is working off very little fresh news. Back and forth we go on the headlines as we have seen for the past year and half.
High ranking officials from China state that they would like to reach a deal with the US but will stick to what they demands are for now and if tariffs are increased by the US, they will react accordingly. President Trump this AM in an interview stated that the Phase 1 deal is very close and could be reached sometime soon.
On to weather, here in the states we will see more rains and potential flooding for areas in the Delta and southeast. Delays are noted for many areas has heavy coverage will keep farmers out of the fields. Areas in the north and west will see temps drop quickly freezing soils and allowing for some harvest progress for corn.
Have a great and safe weekend!
Corn: 10 ½ carry.
Soybeans: 14 carry.
-CZ support at 366 ¼, then closer to 360-353. Resistance at 371 ½ – 377 ¾. —CH support at 376 ¾ on a closing basis, then 366 ½. Resistance short term at 382, then 386 ¾.
-SF support at 901 on a closing basis, then 896-894. Resistance at the 100-day MA at 912, 200-day MA at 917 ½, then 50-day MA at 926.
Friday Afternoon Recap:
Boy, like watching paint dry in corn and soybeans today. Holiday mode will set in next week if it hasn’t already. There is no fresh news to discuss. There are still many negative attitudes and beliefs rallies can’t hold. That’s all I have for now, enjoy your weekend!
A little Thanksgiving history: in 8 out of the last 9 years, December corn has closed lower the day after Thanksgiving, including 6 out of the last 6 years; not really any good correlation for the day before Thanksgiving.
For January soybeans, it has closed higher the day before Thanksgiving in all 4 of the last 4 years, no good correlation for the day after Thanksgiving.