Friday February 7, 2020

• China is set to halve some tariffs on U.S. goods from 10% to 5% on February 14th – seen as an olive branch in trade negotiations 
• South American crop production and export program remains on track with China gravitating there due to the cheaper soybean prices 
• Traders estimate at least 1 MMT (million metric tonne) or 15 cargoes of Brazilian beans have been sold to Chinese crushers this week
• Stats Canada updated their stocks numbers as of Dec 31 2019
  • Wheat at 25.0 MMT – slightly lower than stocks one year ago
  • Corn at 10.7 MMT – compared to 11.6 MMT in 2018
  • Soybeans at 3.9 MMT – compared to 4.3 MMT in 2018
• Weekly exports came in as expected for all corn beans and wheat
• Monthly USDA report out next week Tuesday – updating supply& demand numbers 
• Argentine 2019/2020 soybean crop 96% planted with mostly adequate to optimal moisture