Corn: Steady to 1 higher
Beans: steady to 1 higher
Not much movement in the market yesterday as traders continue to debate demand Chinese will have for U.S. corn. Next week's trading is already expected to be quiet since funds have already covered the contracts they wanted to based on the potential trade deal with China. Markets are steady again today as not much has changed overall. Export sales still lag behind levels of a year ago and there has been no news of production problems with South America.
Fund selling ahead of the holidays caused beans to close lower yesterday. Politics will play a heavy role in bean exports going forward, and since there have not been any specifics listed in the phase-one trade deal, there is nothing saying China can’t yet buy most of their beans from South America. Today, beans are up a little bit as they recover some of what was lost yesterday. Traders are still holding out on the possibility that January’s USDA report will show the 2019 crop not as good as assumed.
CBOT Holiday hours:
Tuesday closing at 12:05 PM
Wednesday closed all day/night
Thursday opening at 8:30 AM
Speaking of holiday hours, Landus Cooperative offices will be closing at 2 PM on Tuesday, closed all day on Christmas day, and will re-open on Thursday morning with normal hours.