Afternoon comments
Dec corn up 3/4 @ 388- | Jan beans up 1 1/2 @ 948 1/4
Concerns still abound regarding corn demand which is still currently keeping a lid on prices. On the positive side, for prices, is the lateness of harvest, which was reported yesterday at only 30%. Corn has been a follower of wheat and soybeans of late, and with rumors last night of China granting tariff waivers on 10mmt of soybeans, corn was as much as 5c higher overnight, but faltered as soybeans and wheat began trading lower.
On the soybean side of the equation, beans finished slightly higher on the day after giving up most of it's gains from stories of the Chinese lifting tariffs on 10 mmt of beans. The trade will be watching closely to see if there is any follow through from China regarding these stories. Bean harvest was reported to be 46% complete vs the 5yr average of 64%.