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3 Big Things Today, January 2
1. Grain Markets Closed Overnight For New Year’s Day Observance
Grain markets were closed overnight in observance of New Year’s Day. Regular trading will resume at 8:30 a.m. in Chicago after a soft preopen at 6 a.m., according to CME Group.
2. Market-Watchers Hoping For a Quick Resolution to the Shutdown Likely to Be Disappointed
Those hoping for a quick resolution to the partial government shutdown, now in its 11th day, likely will be disappointed, as President Trump said in a series of tweets yesterday that it will not end without funding for a border wall.
“The Democrats, much as I suspected, have allocated no money for a new Wall. So imaginative!” he said in a tweet yesterday. “The problem is, without a Wall there can be no real Border Security – and our Country must finally have a Strong and Secure Southern Border!”
In a separate tweet on January 1, the president wished “everyone, including the haters and fake news media” a Happy New Year.
Many functions at the USDA have been affected by the shutdown. Included is reporting of export sales and purchases by China, which were finally starting to show up after the Asian nation followed through on promises to purchase more agricultural products from the U.S.
The dearth of news has left traders, analysts, and producers guessing as to whether China and other regular buyers are making purchases. Without a doubt, exporters are selling corn, beans, and wheat, but how much and to whom remain the big questions.
It’s not all bad news, however, as the president has invited several Congressional leaders to the White House to discuss the shutdown.
3. Winter Weather Expected in Oklahoma, Texas Panhandles, Parts of Northern Illinois
Winter weather is hitting parts of the Oklahoma and Texas panhandles this morning, bringing extremely low temperatures and snow to the region, according to the National Weather Service.
Total snow accumulations starting today are forecast at around an inch, though some areas could see up to 2 inches, the NWS said in a report early this morning.
Temperatures will be “quite cold again” across the panhandles with wind chill values from 0 to -10˚F.
Farther north, a winter weather advisory is in effect for parts of northern Illinois and Indiana, where freezing drizzle is expected to leave a glaze of ice on roads. Periods of snow will make travel dangerous, the agency said.