Ahead of the Open
Highlights opening calls for the grain and livestock markets along with comments and key news items.
Overnight losses wiped out a majority of Monday’s gains
Wheat breaks out on news from China interest
Near-term profit taking set to weigh on grain market
Treasury secretary says Beijing to buy 12 million metric tons of soybeans ‘this season’
China reportedly steps in to make U.S. soybean purchases ahead of trade agreement
Soybeans continue to lead strength on hopes of clarity regarding China on trade.
Soybeans surged higher overnight on hopes of a trade deal with China, with details coming later this week as President Trump and Chinese President Xi meet in South Korea.
Consolidation was seen across the grain and oilseed complex overnight following big gains on Thursday.
Soybeans continue to lead strength, which will be difficult to continue without participation from corn and wheat in the next couple days.
Corn, soybeans and wheat saw strength in the latter portion of the overnight session and went into the break trading higher.
Soybeans continue to see relative strength and traded above key technical resistance overnight.
Soybeans continue to lead strength with prices hitting the highest level in four weeks early this morning.
Soybeans led strength overnight while corn follow to the upside. Wheat saw action on either side of unchanged.
Soybeans saw relative strength overnight through gains were limited by technical resistance, corn traded narrowly near unchanged and wheat saw relative weakness.
Wheat saw persistent selling pressure early this morning, seeing relative weakness compared to corn and soybeans.
The ongoing sideways to lower trend amid the ongoing data deficient government shutdown continues with corn and wheat pushing to fresh lows overnight.
Soybeans saw corrective buying overnight while grains were steady to modestly lower, led by weakness in the winter wheat markets.
Corn, soybeans and wheat each favored the downside in overnight trade despite comments yesterday that Trump predicted China would resume U.S. ag purchases.
Wheat saw relative strength overnight, soybeans gave up a portion of recent gains and corn continues to trend sideways.
Soybeans saw relative strength overnight while corn and wheat saw action on either side of unchanged.