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Midday Market 11/8/18:
-Corn up 2; Beans down 3
-Market was doing some minimal short covering to start the day
-WASDE out @ 11am today
-Pivotal WASDE for Corn as a nov yield reduction usually means a Jan reduction upcoming
-Bean exports have fallen severely off pace in wake of trade war so an export reduction on this WASDE is likely
-Feels as if volatility is wound tight so this WASDE might cut that loose, up or down.
-Trump is reportedly meeting with China at G20 summit in Argentina on Nov 30th to discuss trade
-Another case of swine flu in China
-US 7-day forecast is mixed, WCB looks dry while ECB looks wetter
-Hearing that SA crops are looking very good at this point
-A corn yield reduction implies ending stocks will continue to tighten going into 2019, market may trade this factor today
-Beans face a setback on exports but optimism for trade progress may pull through
-My thought is that this report will be friendly corn and neutral/negative for beans
-Beans are a gamble right now and my advice would be to reward rallies!
Thanks! Stay safe in the field and call CHS with any questions!
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