Monday August 10, 2020

• Some position squaring before Wednesdays monthly USDA report – no real fundamentals pushing the markets 
  • Grain markets want to be relieved from the added stimulus announced over the weekend but underlying nerves over the rising tensions with China are limiting any major gains
• Chinese – American tensions continue to rise as China imposed sanctions on 11 U.S. citizens – including Senators 
  • A response to similar measures taken by the U.S. government on Chinese officials 
• A virtual meeting between the U.S. and China is scheduled for Saturday to discuss the slow progress on the phase-one trade deal 
  • It is very unlikely China will hit the $36.5 billion worth of Ag purchases by the end of 2020 – as was laid out in the deal