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3 Big Things Today, December 31

Soybean Futures Rise; Progress on China Trade Deal: Cold Front Moves through Plains.

1. Soybean Futures Rise

It looks like 2018 will end on some bullish news for the soybean market. With news on progress of a trade deal between China and the U.S., soybean futures climbed on Monday.

The most-active soybean contract on the CBOT rose .6% to $9.00¾ a bushel. For 2018, soybeans have dropped 6.3%. This is the second year of declining soybean prices.

Corn was little changed overnight while wheat edged lower. For the year, corn prices will have increased 7.1%. Wheat has the big win for 2018 with an increase of 18.9%. 

2. Trump Says ‘Big Progress’ on Possible China Trade Deal

On Saturday, U.S. President Donald Trump tweeted that he “just had a long and very good call with President Xi of China. Deal is moving along very well. If made, it will be very comprehensive, covering all subjects, areas and points of dispute. Big progress being made!”

This is another sign this month that trade negotiations are moving toward a deal instead of more tit-for-tat tariffs. At the beginning of December, Trump and Xi agreed to hold off on imposing more tariffs for 90 days. 

3. Cold Front Moves Through Northern Plains

A strong blast of arctic air is making its way through the northern Plains, moving south and east today and tomorrow. In the central Plains today from Montana through Nebraska, temperatures will plummet as the arctic cold front moves through, with wind chills reaching down to -10°F. to -30°F. 

Cold temperatures will be accompanied by snow and strong winds of 20 to 35 mph and gusts up to 50 mph. Snowfall will range from a few inches to 8 inches in the Black Hills of South Dakota.

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