On the Grains
Soybeans actively extended recent strong gains, overnight, with the January contract reaching its highest in a year and nearing $11. Corn and wheat continue to strengthen as well, though soybeans remain the clear upside leader.
Details of the U.S./China trade agreement reached over the weekend have been scarce, though China watchers tell me Beijing is weighing a plan to purchase around 10 MMT (~367 million bu.) of U.S soybeans to cover its domestic needs through February to stabilize supplies and ease pressure on Chinese crushers after months of tight margins.
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