The corn market traded higher today on positive NAFTA news and good export sales this morning.
US Trade Representative Lighthizer was quoted midday as saying he hopes there will be a breakthrough in the NAFTA trade talks over the next few days.
Export sales were robust on both old and new crop corn this morning.
Closes: September at $3.6525 up 3.75 cents, December at $3.7975 up 3.75 cents and March at $3.915 up 3.75 cents.
Energy markets were higher as front month WTI bounced off the 200 day moving average. At last look, nearby crude was trading up $0.44 cents to $65.45.
Soybeans: up 28 @ $ 8.15
The soy complex was able to find plenty of buying support on news of discussions with the Chinese taking place. It is important to note that nothing fundamentally has changed yet.
President Trump said that “We’re talking to China . . . but they have not been able to give the US an acceptable trade deal” according to Bloomberg. This comment comes as low level discussions between the US and China resumed earlier today.
Export sales were neutral and within estimates this morning.
Closes: November at $8.97 cents up 28 cents, January at $9.0925 up 28.25 cents, and July at $9.3975 up 26.25 cents.