Friday March 6, 2020
- China has allowed for new one-year tariff exemptions for U.S. soybean imports starting immediately
- Coronavirus fears continue to weigh on commodities again this morning – grains are going to have a tough time breaking higher until coronavirus is out of the headlines
- now 20% of confirmed cases are outside of China
- Australia’s January exports reached their highest level in over a year since July 2018 at 1.3 MMT
- Weekly U.S. export numbers released yesterday showed weak shipments for both corn and beans, wheat on the stronger end of expectations
- See estimates for next Tuesday’s USDA report below
| USDA 2019/2020 U.S. Carryout (in billion bushels) | ||||
| Commodity | Mar USDA Report | Avg Trade Estimate | Estimate Range | Feb USDA Report |
| Corn | 1.888 | 1.798 – 1.942 | 1.892 | |
| Soybeans | 0.426 | 0.410 – 0.450 | 0.425 | |
| Wheat | 0.944 | 0.940 – 0.965 | 0.940 |
| USDA 2019/2020 World Carryout (in million metric tonnes) | ||||
| Commodity | Mar USDA Report | Avg Trade Estimate | Estimate Range | Feb USDA Report |
| Corn | 297.25 | 294.90 – 299.50 | 296.84 | |
| Soybeans | 99.33 | 97.80 – 101.00 | 98.86 | |
| Wheat | 288.47 | 286.30 – 291.00 | 288.03 |
| USDA 2019/2020 South American Production (in million metric tonnes) | ||||
| Commodity | Mar USDA Report | Avg Trade Estimate | Estimate Range | Feb USDA Report |
| Argentine Corn | 50.47 | 49.50 – 53.50 | 50.00 | |
| Arg. Soybeans | 53.75 | 53.00 – 55.50 | 53.00 | |
| Brazilian Corn | 101.01 | 99.50 – 102.00 | 101.00 | |
| Braz. Soybeans | 125.03 | 124.20 – 126.00 | 125.00 |