Afternoon comments

Corn (CH) -1 3/4 @ 376 3/4 | Soybeans (SF) + 6 1/4 @ 884 1/4

Another light news day for the corn market, long bean short corn spreads allow the major funds to be short the corn with little worry.  Not much is expected with next Tuesday's WASDE report.  Any real revisions will wait until the January report. There is only a small possibility the USDA will lower export estimates, but there is plenty of thinking that with dwindling SA supplies, US corn exports should improve in the coming months.

Soybeans rallied 6+ cents today on the back of Soybean meal which was up some $4.80/ton.  There was talk that an Argentine crusher was forced out of it's possitions due to financial instability.  This lead to further thinking that some meal demand could come north to the US.  There is still thinking that we are close to a US/China trade deal, as China has said that negotiations are going well, but China still wants all tarrifs dropped before a deal can be inked.  This seems unlikely for now.  Also, there was a sale of 245 tmt of beans sold to "unknown," the trade wants to think this is China, though the thought is that China has run out of tarrif free quotas to buy US beans.