Market News- POET: Portland 12/12/18 8:32:15 AM
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|Wednesday, December 12th
- Market still in wait and see mode on any commodity sales to China. I'm told soybean basis levels actually backed off yesterday which doesn't point to any immanent sales. However, Trump said late yesterday that China was buying large amounts of soybeans again which has contributed to the move higher overnight.
- The China's CFO that was detained/arrested in Canada was released on bail yesterday which also helps to ease tensions.
- Flooding rains are being seen in Argentina, which could cause some issues…but overall rain is viewed more favorably than not.
- No movement on a second payment of US Farm Trade Aid as the US government waits to see outcome of expected Chinese buying.
- Corn and soybeans are both at high end of recent range…feels like we need something new to push higher from here or else we risk seeing prices back off if we don't get announced sales by the end of the week.