USDA November WASDE Recap 11/8
This Week In Grain
Progress reports saw corn miss,beans were on expectations and cotton was ahead. Are harvest worries for corn enough to cause a turn around?
Corn, beans and wheat trade just off weekly lows for this week. US-Chinese trade negotiations take place via phone today.
We saw a big jump in bean harvest pace, corn remains slow. Both markets sit above important support levels.
The Chinese ag ministry confirmed Phase 1 is in motion,mentioning more ag purchases are in the future. KC wheat/ cotton trade 3 month highs
CBOT markets were weaker in the overnight on better than expected conditions and China concerns. Slow US harvest should support.
Chinese trade talks are off to a confusing start.Some call for a “mini deal” being in the cards, some expect China to leave by lunch
Weather, WASDE and trade talks will be the theme in the week ahead. Buckle up, by Friday we could be looking at different market dynamics.
Corn and beans look to test 4 and 930, but a breakout is unlikely before WASDE/trade meetings next week
Wheat higher, corn, beans and cotton lag. Exports were not impressive for corn or wheat, decent for soybeans and cotton