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Karl Setzer Grain Commentary

Morning Comments; Tuesday, December 18th, 2018

Grains are trading mixed on the overnight session.

The corn and soybean trade continues to lug forward hoping for more export sale announcements made to China. The rumor of a 3 million metric ton corn sale Friday is thought to happen in early January, but nothing has been official at this time. Corn export inspections are running 6% ahead of what’s need to meet the USDA projection. Trading action for corn shows the lack of news as we head into the shorten holiday week.

South American weather is lending a little support to the soy complex as some heat and dryness is forecasted for central Brazil and excessive moisture for regions in northern Argentina. It is still early in the growing season but as the first maturing beans in Brazil become ready for harvest in January, soil moisture going forward is more critical. NOPA crush for November was disappointing, but the total crush since September 1 is more than 35 million bushels ahead of last years pace.

Market movers: Continued reaction to Chinese trade negotiations and export business.

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