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3 Big Things Today, December 10

Soybeans Decline Overnight; Exports Sales of Beans, Wheat Jump Week-to-Week

1. Soybeans Lower as Traders Await Trade Details

Soybeans futures were lower in overnight trading Monday as investors wait to see when China will resume purchases from U.S. supplies.

China is reportedly finalizing details on how much volume it will buy when it resumes purchases, Bloomberg reported, citing unnamed sources.

The U.S. and China have until March 1 to come to an agreement or the U.S. said it will bump tariff rates from 10% to 25% on $200 billion worth of Chinese goods. Trade Representative Robert Lighthizer said this weekend that there is a “hard deadline” for negotiations to be complete.

His hardline stance has spooked some investors who believe the sides will be unable to come to an agreement in such a short amount of time after sparring for most of the second half of 2018.

Soybeans for January delivery fell 4½¢ to $9.12¼ a bushel overnight on the Chicago Board of Trade. Soy meal declined 50¢ to $310.70 a short ton, and soy oil lost 0.03¢ to 28.71¢ a pound. 

Corn futures for December delivery dropped 1¼¢ to $3.84¼ a bushel.

Wheat for March delivery fell 4¢ to $5.27¼ a bushel overnight, and Kansas City futures lost 3½¢ to $5.08½ a bushel.

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2. Soybean, Wheat Export Sales Jump Week to Week, Corn Mixed

Export sales of soybeans and wheat jumped in the seven days that ended on November 29, according to the USDA.

Soybean sales totaled 890,900 metric tons, up 42% from the previous week and 87% from the prior four-week average, the USDA said in a report, which was delayed a day due to the funeral of President George H.W. Bush.

Argentina was the biggest buyer at 169,500 metric tons, followed by Indonesia at 149,600 tons and Spain at 135,200 tons, the government said. The Netherlands bought 103,600 tons and Egypt purchased 89,000 tons. An unknown customer canceled a shipment for 166,300 tons and Mexico canceled a cargo of 32,900 tons.

Wheat sales jumped 89% week to week and 58% from the prior four-week average, according to the USDA.

Egypt bought 120,000 metric tons from U.S. supplies, Mexico purchased 118,100 tons, Thailand was in for 109,100 tons, South Korea took 87,700 tons, and Venezuela was in for 60,000 tons. Japan canceled a cargo of 16,100 tons.

Corn sales were 7% down week to week, but up 26% from the average, at 1.18 million metric tons, the agency said.

Mexico bought 302,700 tons, an unknown buyer took 178,000 tons, Colombia was in for 135,100 tons, and South Korea purchased 77,700 tons from the U.S. France canceled a shipment of about 10,000 tons, the USDA said.

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3. Dense Fog a Danger in Iowa While Southeast Gets Hit By Winter Storm

Dense fog may lead to slippery conditions in parts of Iowa while more snow may be on the way, according to the National Weather Service.

The fog that’s developed in the area likely will freeze and create slippery spots on roads through mid-morning as temperatures are well below freezing, the NWS said in a report early this morning.

Starting tomorrow, there’s a chance for more snow accumulation in parts of Iowa, mainly in counties north of Highway 30. Some freezing drizzle is also possible, the agency said.

Meanwhile in the southeast, a winter storm warning is in effect for parts of the Carolinas. As much as 2 inches of sleet and snow are expected across the North Carolina mountains and less than an inch is expected in a few counties in Georgia and South Carolina, the service said.

Power outages and downed trees are likely due to the “combination of recent heavy wet snow and ice.”

Travel could be “nearly impossible” in areas where snow and ice fell, especially where temperatures remain below freezing, the NWS said.

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