Grains are sharply higher on good news coming out of preliminary US/China trade talks. 

CORN

December corn is up 6.50 at $4.2975. March corn is up 7 cents at $4.44. 

Corn’s positive price action is being complemented and accelerated this morning after the market sees strong optimism that the US/China trade relations are actually making progress. 

SOYBEANS

November soybeans are up 23 at $10.6475. January soybeans are up at $10.81.5. Soybean oil is higher, while soybean meal is up 2.90. 

Same thing here. Up on China optimism. The difference here is beans are at a battle ground of long term resistance following a large gap open higher. While corn is also at a certain level of resistance, it’s been set to challenge that for sometime.

WHEAT

December Chicago wheat is up 12.50 at $5.25. KC wheat is up 11.25 at $5.1275. Spring wheat is up .0825 at $5.6525.

The stage is set here for more short covering after Chicago failed last week to make material new lows on not so positive news.

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