Closing Comments; Tuesday, February 12th, 2019

President Trump stated today that he would consider postponing the March 1st deadline, if the U.S. and China could reach a trade deal soon. Trump said Beijing “very much wants to make a deal,” and the U.S. is working to try to reach a resolution with China. The progress on the trade talks still seems far apart as both sides have yet to draft an accord on specific matters that they agree or disagree on. White House economic advisor Larry Kudlow stated that there is a “pretty sizable distance to go” before China and the U.S. could reach a deal, however Trump is still optimistic on a potential trade deal.

The bean market rallied today from possible additional soybean sales to China, which would be over the 5 MMT previously talked about. Currently China has bought nearly 8 MMT of soybeans with 3.6 MMT of those being part of the 5 MMT previously booked.

March Corn closed up 5 cents at $3.78 . March Soybeans closed up 12 cents at $9.17 . March Chicago Wheat was up 1 cents at $5.20.




 

Market Commentary provided by:

Karl Setzer Grain Commentary