Thursday February 20, 2020

• USDA Ag Outlook Forum began today; not typically a market mover, they look more at known trends and not look at current market drivers – yet with little else market news circulating it us making headlines
  • Average trade estimates going into the Forum peg 2020 corn acres at 93.6 million acres and 2020 soybean acres at 85.0 million acres 
  • Average yield estimates for 2020 corn is 176.5 bu/ac and for soybeans is 50.3 bu/ac 
• Trumps Agricultural department has announced a 30% biofuel goal for the year 2050 
  • Lofty environmental goal may be more of a headline to deflect farmer and ethanol producer’s criticism in an election year than actual intentions 
• Inauguration of Brazil’s “soybean highway” last week is expected to reduce transportation costs on commodities by $0.45/bu