China
One of the biggest surprises in the USDA World Agriculture Supply and Demand Estimates report came in the adjustments to Chinese corn stocks.
As is so often the case, technical action (price changes) can predict fundamental changes in price direction market, and often does sometimes weeks in advance.
Earlier this year, China announced they would require ethanol blends in all fuel by 2020. This announcement gave U.S. corn producers hope that this could bump corn prices in the coming years in preparation.
Syngenta merger means Chinese may own seeds they rejected.
China suspends weekly state corn sales with harvest underway.
Even with less from China, world supplies will be biggest ever.
U.S. trade officials including Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer landed in Beijing Thursday for talks aimed at nailing down a deal with China.
Lead negotiators for the U.S. and China prepare to meet once again in Beijing.
There is trade talk movement on several fronts right now.
Trade talks between the U.S. and China continue with both sides reporting positive steps toward a conclusion.