There are suggestions that the US trade war with China created by the Trump administration maybe working itself out. The hint of a deal rallied soybeans 30c/bu, while corn and wheat futures also got a leg up.
The rally pushed US grain futures higher against some fundamentally poor export data from the USA.
Weekly sales of corn were below trade expectations at just 394.5kt, soybeans were not much better at just 395.8kt.
Wheat sales were a little better though so may not fall as soon as Trump gets back on twitter contradicting his prior tweet on China.
US weekly wheat sales came out at 582.5kt, the third highest weekly total for this marketing year. The data included a 100kt sale of US wheat to Taiwan.
Talk of lower acres in Kansas could also get thrown in the mix of bullish wheat news. With some stations seeing up to 9″ of rain in October it’s simply too wet to sow all fields in some locations. A late soybean harvest is also limiting double crop acres.

Helping wheat higher were also rumours that five Black Sea terminals maybe closed for export due to poor grain quality. Only time will tell if this is just another round of rumours generated by someone talking their book or not.

There was also talk of a Saudi tender for 1mt of feed barley and 1mt of flour for December.