The markets opened mostly lower (except soyoil) with modest short-position building and long liquidation ahead of the WASDE. The biggest news item of the morning was President Trump noting that he has not agreed to suspend tariffs on Chinese goods, though earlier reports/rumors suggested he was willing to do so. Today’s news created liquidation in soybeans and hog futures with corn bleeding lower as well.  As is discussed in more detail below, the WASDE held relatively few surprises, especially in comparison to other reports this spring/fall. The early reaction to the report was buy corn/sell soybeans, which might have been the result of a desire to reverse spreads established earlier. That dynamic didn’t last too long how...

TAGS – Feed Grains, Soy & Oilseeds, Wheat, Livestock, China, North America, South America