China

Jim McCormick with AgMarket.Net says the soybean market reacted negatively as it was pinning its hopes on a trade deal that included purchases at the end of October when the two leaders met at the APEC summit.

Basis levels improved this week, with some analysts saying it could have been from China buying, even if the government shutdown means no daily export sales data can offer proof. But one analyst says there is a bullish case for corn, especially considering global stocks of corn relative to use, are the tightest since the 2012 drought.

Scott Varilek, Kooima Kooima Varilek says the feeder futures have put on $22 this week and were due for a correction but still project to $388. Grains see pressure from China trade news.

With China currently not buying U.S. soybeans, trade missions have taken on a whole new level of importance.

Dave Chatterton with Strategic Farm Marketing says corn, soybeans and wheat were all lower on Thursday after running into solid chart resistance. However, basis is firming. So, what does that signal?

Don Roose with U.S. Commodities says soybeans ended higher for second day as it looks like the market is trying to carve out a seasonal low.

Jon Scheve with Scheve Grain says soybeans are seeing follow through buying on Wednesday as more farmers are storing soybeans this fall and waiting for an improvement in basis and/or prices with the possibility of a China trade deal.

Mark Knight, Farmer’s Keeper Financial, says soybeans are back higher early Tuesday on light technical buying but awaiting details of the Trump administration’s farmer aid package.

DuWayne Bosse, with Bolt Marketing says he was surprised at how well the corn market is handling the harvest pressure that is ramping up across the Corn Belt.

Brad Kooima, Kooima Kooima Varilek, says the market is staying intact and absorbing a great deal of bearish news including last week’s lower fed cash trade and lower cutouts.