Tuesday February 18, 2020

  • Wheat leading the charge higher on the overnights and into the morning, sparked by another reduction in the Australian crop, dragging corn and beans up with it 
  • Australian Bureau of Agricultural and Resources Economics (ABARES) cut production estimates for this years wheat crop due to the drought it has sustained over the past several months to 15.17 MMT – the lowest production since 2008
  • European Union soft wheat exports are up 70% from last years pace at 18 MMT, their corn imports are 10% year on year at 13.65 MMT
  • NOPA (National Oilseed Processors Association) will release their January crush numbers this morning with soybeans expected to be at 173.7 million bu – down from December but more than January of 2019
  • Truck drivers began a protest at Latin America’s largest port in Santos – this is so far affecting the arrivals of trucks to the port and the unloading of shipments as they arrive 
  • China announced that they will be receiving applications for waivers of the retaliatory tariffs for those wishing to purchase U.S. commodities from a list of 696 productions 
    • looking for sales announcements as a symbol that the coronavirus will not affect the deal – however any major shipment would not be expected in the short term