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Market Commentary

Early Call 12/6/16 for Dec 6, 2018
This market commentary is for informational purposes only. The views and opinions offered in the report are solely those of Bunge Limited and its subsidiaries ("Bunge"). Bunge is not a futures broker and this is not an offer to buy or sell any commodity or futures contract. The information contained in this commentary has been obtained from sources believed to be reliable but is not necessarily all-inclusive and is not guaranteed as to its accuracy. Persons acting on any information contained in this commentary are responsible for their own actions.
Good morning,
Overnight trade:March corn is down 1.5 cents, March Chicago wheat is down 3 cents, Jan beans are down 9.5 cents,Jan meal is down $1.40, and Jan soy oil is down 23 points.Corn spreads are weaker, Chi wheat spreads are weaker, bean spreads are weaker, and board crush is weaker across the curve.
The market felt pressure in every contract last night, and it's hard to pinpoint the single culprit. There is a lack of any meaningful news/progress currently with regard to the US/China trade issue, so it's possible the market will just leak in these situations. There was an arrest in Canada of the daughter of the founder of Huawei, which is a massive Chinese technology company. The arrest comes from allegations that the company had been illegally shipping US origin products to Iran in violation of US export and sanction laws. This arrest is having political and economic ramifications because the daughter was arrested by request of the US gov and faces possible extradition to the US. The market is likely looking at this event as something that certainly won't strengthen the US/China relationship during such a delicate time.The z/h Chicago wheat spread was down 10.5 cents overnight and it now sits at a 14 cent carry after ADM registered and delivered 140 no. 2 receipts at its Toledo location, adding pressure to wheat spreads further down the curve. The market also saw the first fresh registration and delivery against December corn futures, with CHS registering and delivering 67 receipts in zone 2 at its Morris facility. 34 KC wheat receipts were cancelled as of the last registration report.
*Weekly export sales report is delayed until tomorrow due to the Federal Gov. being closed on 12-5.
Export sales flash:106,680 MT of corn sold to Mexico for delivery during the 2018/19 marketing year91,440 MT of corn sold to Mexico for delivery during the 2019/20 marketing year
https://www.reuters.com/article/us-usa-china-huawei/top-huawei-executive-arrested-on-u-s-request-clouding-china-trade-truce-idUSKBN1O42S1
Have a nice day.
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