Daily US grain report: traders still focused on US-China trade rhetoric
US grain futures prices were steady to higher overnight. Corn was near steady, soybeans around 4 cents up and wheat 1 to 3 cents higher.
4 December 2019
5 minute read
By: Amid a lack of other major news developments, grain trader focus remains on the rhetoric coming from the US and China regarding their trade negotiations. For whatever reason, some traders at mid-week are more upbeat than Tuesday, on the chances for a trade agreement soon between the world’s two largest economies. It’s hard to imagine the two sides reaching a substantive trade deal soon, given comments coming from both sides. And the US House of Representatives passed a bill late Tuesday requiring US punishment of Chinese officials involved in the repression of Uighur Muslims in the country. China quickly vowed retaliation.
© Jim Wyckoff
© Jim Wyckoff
Traders are awaiting USDA’s weekly export sales report on Thursday morning, especially looking for stepped-up purchases from China. US grain prices are becoming more competitive on the world market, due in part to the US dollar’s value depreciating a bit on the foreign exchange market.
© Jim Wyckoff
© Jim Wyckoff
