Wheat 0, KCwheat 11
B 1.664 China bought 831k tonnes.
All were at high end or exceeded estimates
Storms the last few days take toll on standing crops. There are 200 mil bu beans and 2 bil bushels corn still in field. Crop losses might not be known now until spring. USDA faced with having to assess and guess
S American exports shrinking as available supplies tighten
China allowing duty free beans to unload but still requiring deposit
Trump signed Hong Kong Human rights bill Wednesday after 5 pm. But tells XI he has presidential powers to implement it. China reaction is hard pushback but every media outlet is saying the trade deal is till on and we are very close.
Holiday shorted trade – close at noon.
After support was violated Wednesday, mass liquidation ahead of deliveries and margin call related selling took place. Charts remain bearish. Cash markets firmed in some areas and export demand is picking up. If charts can hold and turn, there is a vacuum of price room above the market jus to get in line with cash. It all comes to chart action in the near term. Lack deliveries tells the story.