Markets are quite ahead of USDA supply and demand report on Friday at 11am sharp. China said it has agreed with the US to cancel tariffs in phases with no timeline. No location has been announced for the signing of phase one with China. US is unlikely to put more tariffs on for December 15th. Also, in other China news, China’s Cabinet said they will build 165 million acres of high-quality farmland by 2022.
Soybeans are currently slightly higher this morning. Yesterday the news that had beans trading down was Brazilian Real was dramatically weaker. South America is seeing some rains and the Argentina area being drier. Exports were much larger than expected with sales to China. Markets are looking for a slight reduction in yield for beans tomorrow to 46.6 vs last month at 46.9 bushels per acre.
Corn exports were in line, but weak. South Korea was rumored to have purchased 65,000 metric tons. The market is looking for reduced yield tomorrow to 167.5 vs last month at 168.4 bushels per acre. Weather does not seem to concern the market at this point.
With any report day, make sure to have offers in place and working. A quick spike in the market happens often on report days. Please make sure to be safe on the farm. Slow down and take time needed to shut down equipment before doing repairs.
Make sure and enjoy the sun today!