Tidbits
Yesterday morning, the USDA announced the sale of 132,000 mts of old crop soybeans to China.
The 2 to 5 trading days before the delivery notices are issued are usually more down days than up. December deliveries will be assigned to the oldest long positions tomorrow. Yesterday was the last day to liquidate December positions to avoid any chance of delivery. Soft red winter wheat was down 4 of the last 6 days; Dec hard red winter wheat was down 4 of the last 6 days and made a new contract low, Dec Spring wheat was down 5 of the last 6 days and made a new contract low, Dec corn was down 6 consecutive days but is still 31 cents above its contract low. The good news is the first day of delivery assignments is usually an up day. That will be tomorrow.
Donald Trump plans to implement tariffs starting on Day 1 of his administration, targeting China, Mexico, and Canada. He will impose a 10% tariff on Chinese imports, citing concerns over illegal drug influx. For Mexico and Canada, a 25% tariff will be applied to all imports, with Trump linking this decision to efforts in immigration control and drug trafficking. This move could significantly affect agricultural trade, as Canada supplies key imports like energy, oats, and fed cattle, while Mexico is a major importer of U.S. grains and oilseeds.
Canadian Prime Minister Justin Trudeau said he had a "good" conversation with Donald Trump discussing tariffs and their potential collaboration.