Buyers return, but gov't shutdown leaves markets guessing on demand... Buyers returned to the corn, soybean and wheat markets to kick off the new year after traders pressured prices to close 2018. Support came from renewed optimism for improved U.S./China trade relations. U.S. and Chinese trade officials are scheduled to meet Jan. 7-8 in Beijing. Chinese buyers shopped around for U.S. beans last week and the country will reportedly buy U.S. corn this month. There’s also hope wheat export demand will strengthen as U.S. supplies are competitively priced on the world market. But with export sales data from USDA shelved amid the partial government shutdown, markets are left in the dark on demand news. That shifted more attention to South American weather, which is too dry in parts of Brazil and too wet in areas of Argentina, reducing production estimates.
The government shutdown has also delayed USDA's January crop reports, which were originally scheduled for Jan. 11. The release date of the reports will be determined once the government reopens.
We cover all these topics and much more in this week's newsletter, including key items to watch during 2019 that will impact agriculture and your farming operation.
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