CBOT Grains Sputter but Soybeans Hold Strong on China VP Liu He Coming to the US to Sign Phase 1 Deal

CBOT futures are mixed at midday with an early grain rally failing. March corn and wheat bumped up against key technical resistance and retreated. Soybean futures have held stronger with March futures reaching a new rally high of $9.525. Soyoil surged following the big overnight gains in palmoil. Profit taking has been noted by the…

CBOT Wheat Soars on Fund Buying and Hope for Annual TRQs from China; Corn/Soybeans Reluctant Followers on South American Weather

CBOT futures are higher at midday with wheat pacing the gain on fund buying. CBOT traders expect that China will soon release 9.6 MMTs of wheat and 7.2 MMTs of corn TRQ’s for 2020 purchases. The potential that China could secure an additional 5-6 MMTs of world wheat annually is underpinning CBOT wheat. China has…

CBOT Rally Holds on China Deal Hope in Holiday Thinned Volume; South American Weather Favorable for Next 2 Weeks; Mid January Peak?

CBOT futures are higher at midday with corn, soybeans and wheat all trading in the green on fund short covering amid the hope that the US/China will sign a Phase 1 Trade agreement in early 2020. Since the US announced that a deal had been reached some 10 days ago, the theme of CBOT trading…