Overall a quiet day. anticipation regarding the meeting this weekend between Trump and Xi. My belief is that they will agree in general on some changes. the implementation will take some time. This will open the door for the Chinese to buy US products again. this could offer a rally. If so the 2019 needs to be sold at higher levels. The global bean numbers are bearish. this will be a difficult fact to overcome. the market will eye the dec 11th USDA report. Many are looking for a decline(modest) in this years production. I dont know if I think this. It is immaterial due to the large global stocks. the weather in south america is nearly ideal. The Brazilian progress is fast. This opens the door for dec harvest. Jan exports. Look for psychological rallies as hedging opportunities.
The corn was a nothing day. It is my belief the corn numbers remain a bit friendly. The demand has been solid. I look for this to offer some support. There remains a feeling that the USDA dec 11th report could offer a reduction in the production due to the weather. This in my opinion could make sense. I remain cautiously friendly corn.
To discuss long term opportunities call 800 993 5449, jwalsh@walshtrading.com
” A WOMANS GUESS IS MUCH MORE ACCURATE THAN A MANS CERTAINTY ” KIPPLING
BE WELL