ES Journal - 2019/2020

syswizard · Nov 5, 2019

USDA announced Thursday export sales of 130,000 metric tons of U.S. white wheat for delivery to China, a sale that comes one week ahead of the next round of bilateral trade negotiations. It’s the first significant purchase announcement for Chinese importers above 100,000 metric tons since China slapped a 25% tariff on the grain last year.

That is a lot of wheat !

FXtrader8911 · Nov 5, 2019

syswizard said:
At one point Trump said the farmers must go out and buy larger tractors.

Indeed he did, that's when the vice-chair and his team were nodding and smiling in the oval office, Trump still hasn't got it... The Asian way of negotiating is to nod affirmingly at everything then continue to do as they always did, Trump keeps getting conned and market players keep falling for Trump's cons. China smiles at the idiocy in America.

As for "USDA announced Thursday export sales of 130,000 metric tons of U.S. white wheat for delivery to China, a sale that comes one week ahead of the next round of bilateral trade negotiations. It’s the first significant purchase announcement for Chinese importers above 100,000 metric tons since China slapped a 25% tariff on the grain last year.", The operative word is "expected", China later said US wheat is too costly with their 25% tariff on the grain, but they won't remove their tariff unless Trump rolls-back his tariffs, so, they agreed then made it conditional by saying they'll buy wheat from the cheapest supplier.

Rickshaw Man · Nov 5, 2019

Just another nothing burger. Overnight has more action.

syswizard · Nov 5, 2019

Rickshaw Man said:
Just another nothing burger. Overnight has more action.

Doji's were painted in the ES and NQ daily today.

Laissez Faire · Nov 5, 2019

Might see a pullback to the low 60s before we print new ATHs come Thursday or Friday, yes?

themickey · Nov 5, 2019

Laissez Faire said:
Might see a pullback to the low 60s before we print new ATHs come Thursday or Friday, yes?

Or narrow range days, there's a little bit of hesitancy atm.

tiddlywinks · Nov 5, 2019

FXtrader8911 said:
Indeed he did, that's when the vice-chair and his team were nodding and smiling in the oval office, Trump still hasn't got it... The Asian way of negotiating is to nod affirmingly at everything then continue to do as they always did, Trump keeps getting conned and market players keep falling for Trump's cons. China smiles at the idiocy in America.

As for "USDA announced Thursday export sales of 130,000 metric tons of U.S. white wheat for delivery to China, a sale that comes one week ahead of the next round of bilateral trade negotiations. It’s the first significant purchase announcement for Chinese importers above 100,000 metric tons since China slapped a 25% tariff on the grain last year.", The operative word is "expected", China later said US wheat is too costly with their 25% tariff on the grain, but they won't remove their tariff unless Trump rolls-back his tariffs, so, they agreed then made it conditional by saying they'll buy wheat from the cheapest supplier.

1) the word "expected" is nowhere in your excerpt, nor anywhere in the original article.

2) Here's USDA WEEKLY audit posted 10/30/19. The next weekly audit comes out 11/7/19.
https://apps.fas.usda.gov/export-sales/Audit Report/Combined Audit and OO EOA 10-24-19.pdf

Use your mental prowess to see a China commitment of 130 metric tons of wheat on the USDA audit books.

manonfire · Nov 5, 2019

Last few days have been a tug between qe and last year this time. Vol has been crushed, looking for a good pullback to breakout range, 3025 Spx.

syswizard · Nov 5, 2019

tiddlywinks said:
1) the word "expected" is nowhere in your excerpt, nor anywhere in the original article.
Use your mental prowess to see a China commitment of 130 metric tons of wheat on the USDA audit books.

That's a puny commitment compared to the 130,000 metric tons previously mentioned.
5700 CHINA 4,551.8 4,606.8 536.0 1,638.4 6,190.2 5,709.2 481.0
At least China is still buying our soybeans-6,190 metric tons (see above...from the audit report)

schizo · Nov 5, 2019

syswizard said:
That's a puny commitment compared to the 130,000 metric tons previously mentioned.
5700 CHINA 4,551.8 4,606.8 536.0 1,638.4 6,190.2 5,709.2 481.0
At least China is still buying our soybeans-6,190 metric tons (see above...from the audit report)

I just don't get it. It wasn't like the Chinese weren't already buying large amounts of wheat and other commodities from the US prior to all this tariff thing. If I'm not mistaken, Chinese are the largest importer of pork. So what exactly was the reason for imposing the tariff in the first place? What, now that the tariff is removed, Chinese will buy even more??!!!