Good Morning! The grain markets are higher as we finish off another week of trading. Soybeans are leading the way as trade rhetoric from China suggests progress is being made, and China needs to buy US beans and pork. Nearby soybean futures have bounced roughly 25 cents since Monday’s low, forming a V-bottom on the daily chart. China is planning to exempt some US soybeans and pork products from tariffs. The country's finance ministry said Friday that it would waive tariffs levied on some imports once companies had applied for exemptions. It did not specify which, or how many, goods would be exempted. The waiver comes amid negotiations between the U.S and China to conclude an interim deal to de-escalate a trade war between the two countries. Today’s November Jobs Report is expected to show payroll gains of 180,000, up from 128,000 initially reported for October. The unemployment rate is expected to be unchanged at 3.6%. Average hourly earnings are expected to rise 0.3 %, after moving up 0.2% in October. That would bring the year-over-year increase to 3.0%. Long term ENSO forecasts are trending warmer across the equatorial Pacific, sigs that El Nino could be possible by January. If El Nino signs continue to materialize, it would suggest a possible wet spring. Argentina’s newly elected government will take helm next week when President elect Fernandez is sworn into office on December 10th. It is widely expected the center left leader will increase export taxes on commodities. Rumors are circulating export taxes will rise to 35% on soy and soy products and 15% on corn and wheat. The weather outlook for South America has rains continuing in northern Brazil and pushing southward. Most of Brazil will be well-watered with the exception being RGDS in far southern Brazil. Argentina’s outlook has increased rain chances as a front is expected to bring needed rainfall to Santa Fe, Entre Rios and Corrientes. Enjoy the weekend and be safe out there! Wayne Kollis - Melissa Peters - Mike Rosenberg - Matt Zeman - Austin Behrendsen
Sat 12/07
Sun 12/08
Mon 12/09
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High
42 F
40 F
27 F
16 F
12 F
Low
25 F
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7 F
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