Grain markets were closed overnight for the Christmas holiday. Markets will reopen this morning at 9:30 am cst. Chinese equities started out softer, but prices recovered to finish in positive ground, mostly because of talk about Chinese government plans to spread development into rural areas. Indian shares were modestly higher, supposedly because of looming option expirations. European markets were subdued because of continuing holidays, but US fiscal cliff fears were reportedly limiting sentiment in a number of markets. In the US trade action today, the economic report slate will show a couple private weekly chain store sales reports, a Case-Shiller Home Price survey, and a Richmond Fed Business Activity Index report. There are reports that the President will return from Hawaii this week in an effort to work out a deal on the fiscal cliff.
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