Headlines:

  • China to Pledge More U.S. Soy Imports During Trump Visit
    China will commit to buy more U.S. soybeans during President Donald Trump’s visit to Beijing this week, a U.S. industry official said, underlining the importance of trade in farm goods even as tensions grow between the world’s top two economies. China is the world’s biggest soybean importer and the U.S. is its second largest supplier. Chinese soybean buyers will sign a letter of intent with the U.S. Soybean Export Council committing to purchasing a certain volume of soybeans in the future, Paul Burke, the body’s North Asia regional director, told Reuters by phone on Tuesday. He declined to disclose the volume of beans to be included in the agreement. But Chinese importers said in July they would buy 12.53 million tonnes of U.S. soybeans, the second largest such agreement. The volume under the new deal will be “much less” and will reflect orders due to be signed in the current marketing year that were not included in the July agreement, said Burke. But China will also promise to buy more U.S. soybeans in future, according to a source familiar with the plan. A signing ceremony is scheduled to take place as Trump meets Chinese President Xi Jinping. China will also promise to buy more U.S. beef, barley and dairy products, including cheese, the source said. China dropped a 14-year ban on U.S. beef imports this year. Agriculture trade has been a bright spot in U.S.-China relations under Trump’s administration.

Summary:

The US Dollar breached the 95 mark intraday and continues to find strength that last couple of days. Crude was a bit range bound trading at near-term resistance. The USDA November WASDE report will be released tomorrow morning and the grain and oilseed markets were neutral today ahead of tomorrow’s report. Corn was lower ranging from 0.50 to 0.75 cents down. 130k metric tons of Corn was reported for sale to unknown destinations for the 2107-18 marketing year. Soybean finished 1.50 to 2.50 cents higher. Analysts; expectations are that the USDA will slightly reduce yield estimates tomorrow. Wheat was down ranging from 0.75 to 3.75 cents in losses. China offered 2.011 million metric tons of Wheat for sale of which 150,353 metric tons were from their reserves.