Storm. This is major and no trader should discount or poo-poo it.
US- China meeting today at 2:30 EST with President Trump.
There is very high expectation that there is a an agreement for China to index currency, return to a buyer of 30 mmt US beans (40-42 pre tariff and 18-21 post tariff) and other key ag commodities in exchange for US to discontinue and planed or future tariffs/hikes. All core arguments will remain on the table for future agreement.
Obviously the success or failure of this agreement will have a significant impact on futures. Note: ANY Agreement with China would likely require a rise in demand numbers and decline in stocks as USDA WASDE report now has very close to the lowest demand figures for corn and beans that we can come up with.
For complete review of USDA reports and charts:
Feel free to forward
Click on the link below for a review of the USDA report, Weather, and expected revision in coming months, a review of the charts and stance in the market.
https://register.gotowebinar.com/recording/1003071665989144843
See slides attached with Tables
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Bill Biedermann
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