Morning Quick Notes

Overnight

  • Corn, wheat and soybeans futures are higher early on encouraging news from the U.S. and Chinese meetings
  • Beans are up 13 cents on the news, corn is higher by 3 and wheat is up 2 cents

 

Headlines

  • Chinese Premiere Liu He said China will "substantially" expand imports of agriculture, energy, industrial products from the U.S.
  • For the month of January,  Winter Wheat prices were up 8 cents, Corn was up 1, Soybeans up 20.
  • Winterkill concerns are being debated in the wheat market with World Weather, Inc. stating, "Temperatures in the snow free areas of the Midwest were certainly cold enough to induce damage to crop

 

Chart of the Day

Today’s chart shows U.S. soybean export sales by destination, up through December 20 (now the latest released by the USDA this week), for the top ten countries by sales so far this marketing season. Cumulative sales to China stand at 128 million bushels, compared to 883 mbu last year; every other country in the top ten-plus has increased purchases year-over-year, including Argentina, which has
bought just shy of 70 million bushels of U.S. soybeans through almost four months, compared to zero last season.