Morning Comments November 12, 2019

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Opening Calls:

Corn steady to slightly lower

Beans down 1-2

The December corn contract traded 4 cents lower yesterday, and the January bean contract closed 11 lower. Beans fell hard with the last round of uncertainty regarding an U.S.-China trade with a trade negotiator calling it a cease-fire vs. a deal. Adding to the negative note is continued weak corn exports and favorable weather in South America. Soybeans remain under pressure from the disappointing WADSE report last week, with the trade expecting a reduction in yield and acres, while both were left unchanged. The next major USDA report on this year's crop is released in January, and it has become a wait-and-see game.

Crop progress reports will be issued today due to the Veteran’s Day holiday for federal employees.

An interesting note found in the Van Trump Letter today.

The Minnesota Propane Assn. said in an average November, propane marketers in Minnesota use 190 transport loads of propane per day for the state. This year, however, nearly 300 transports have been shipping per day.