Wheat and corn trading mixed in the overnight. Beans trading lower. Corn currently down ½ cent, wheat down 3 cents, and beans down 7 cents.
Short holiday week. Grain markets will be closed Wednesday night and Thursday in observance of Thanksgiving. Markets will re-open at 8:30am on Friday and will close early at 12:05/12:15pm CST.
Vice President Pence cautioned China at the Asia-pacific Economic Summit and said the US will continue to take action to hold nations accountable for their unfair economic practices.
Argentine farmers had finished planting 21.7% of the area expected to be planted with soybeans as of Nov. 15. Planting of corn is also progressing, reaching 36.2% of the expected area
Soybeans remain in an 8.80-9.00 range. Lack of US farmer selling offers support. Favorable South America weather offers resistance. Key is US/China deal. U.S. continues to suggest they want to talk, but China also is a military threat to Asia. The 2 Presidents meet Nov 30 in Argentina.
Outlook for normal 2019 World wheat supplies offers resistance to wheat prices. Hope for increase old crop U.S. export demand if Russia slows sales offers support near season lows.
Corn and wheat market remain near the lower end of the recent trading range. Low non-China global and U.S. corn stocks offers support. Talk U.S. farmer may increase corn acres in 2019 and normal global supply offers resistance.
Chart of the Day
This week will be mostly dry before an above-normal precipitation pattern settles in Friday/Saturday through the extended forecasts. Heaviest amounts are likely in northern Plains and belt, all the way into an 11-15 day period that shows the strongest snow in the northern Plains. Temperatures will warm up briefly this week before settling back into a below-normal pattern into late Nov/early Dec.