Wednesday February 5, 2020

Markets testing higher for the second day in a row – the first positive move since the coronavirus came into headlines a week and a half ago stirring uncertainty in global demand
Technical buying sparked yesterday with corn and beans having some bargain hunters come in and start buying out of their short position
U.S. soybean export inspections rose to the highest level in 8 weeks up over 10 million bu from last week to 49.8 million bu
Brazil’s government reported January soybean exports at 1.49 MMT (million metric tonnes) down sharply from December;s exports at 3.44 MMT and last January’s 2.04 MMT
- weakening Brazilian exports sparking optimism for potential exports from the U.S.
FCStone reports Brazilian 2019/2020’s soybean production up 8% from last season to 124.0 MMT – early yield results strong
FCStone also increased their estimate for first crop Brazilian corn to 25.9 MMT and second crop corn production at 72.0 MMT
U.S. December soybean crush numbers came in at 184.7 million bu – slightly below estimates but up from Novembers 174.6 million bu and higher than the same month last year
U.S. corn used for ethanol came in at 479.2 million bu – also up from November and the same month last year