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Bearish pre-report action was bought as corn sits 10 , wheat 8, beans 8 and cotton 20 ticks off lows. Bullish action on neutral data…
KC wheat looks toppy here, down 5 from the close yesterday. Oilseeds remain quiet while corn spreads back off.
Corn falls further behind, beans are only slightly off pace. Cotton is ahead of last years harvest pace. Wheat conditions are downgraded.
USDA November WASDE Recap 11/8
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.