Until details are known about the trade deal with China, “traders are skeptical of China being able to purchase the amounts of agricultural products it is committing to buy,” Katie Murphy of CHS Hedging said. She noted to expect “steady to lower” trade this morning, before details are released.
The soybean market is looking to attack the $9.53 level in the March contract for bulls to latch on, Scott Shellady said. “Fundamentally we have the news of China and the Phase 1 deal in the background and there’s going to be some excitement about that,” he said. “But maybe try to push that aside and look at the technicals since there won’t be so much emotion baked in.”