Corn markets are waiting for the signing of the deal, as traders want to see what kinds of details are in the Phase 1 agreement, Katie Murphy of CHS Hedging said. Meanwhile, in Argentina, soil conditions have improved, but forecasts for the next seven days are showing “little to no rain,” she said.
Corn markets are mixed this morning as they wait for the deal to be signed and weekly ethanol production and stocks data. With news about China’s deal expected today, traders will look to see if corn, ethanol and DDGs are involved, but there won’t be much movement until thoughts are confirmed, Brugler Marketing and Management said. “To the best of our knowledge, there is no requirement for any immediate purchases, just quantities for the calendar year,” they said.