• US markets closed due to Thanksgiving holiday
• President Trump enacts Hong Kong bill
• Speculation as to what that means for the “Phase 1” agreement

Thanksgiving is one of the greatest holidays in my opinion.

It is like Christmas without the pressure of finding presents for loved ones and non-loved ones, once-a-year food like turkey and cranberry, a full day of NFL and it’s on a Thursday….perfect.

Trump made his way to Afghanistan, having Thanksgiving dinner with the troops post dropping his own bombshell.

The President enacted the bill supporting the Hong Kong protesters – it could be argued that Trump didn’t have a choice given the Senate passed the bill 417 to 1 (the lone “No” vote was actually a Republican – Thomas Massie from Kentucky.

The market reaction was a little more muted than first anticipated with Asian markets down 0.1pc to 0.5pc but, given the Thanksgiving holiday we haven’t seen what the Ag markets think about it.

Matif wheat closed higher. It’s now about China’s reaction. Twitter was alight with ideas that this will be the death of “Phase 1” trade negotiations.

It’s worth pointing out that contents of the bill requires an annual review of the city’s autonomy from the Chinese mainland government and allows sanctions on officials found to be responsible for human rights violations. Still not sure what that really means.

Australia

The rain forecast for South Australia has been upgraded through parts of the York Peninsula and down through to the South East, this will cause a few harvest delays for the areas. Other news to come out of South Australia is that the upper house voted against allowing GM crops to be grown in the state.

Markets were mixed on the cash boards yesterday with wheat up slightly, canola up $1-2/t in Victoria and southern barley markets finding some stable ground.