Tuesday April 14, 2020

• Planting looming around the corner with no sign of life on the end user side of the balance sheet is weighing heavy on the markets this morning
• Soybean crushing in the U.S. still rolling out and corn exports remain decent but the trade knows these arent enough to make up for greater market losses 
• Crop conditions and planting report came out yesterday
  • Corn 3% planted in the U.S. – still too early in the season to be giving any indication on the crop
  • Winter wheat ratings were steady this week at 62% good/excellent – taking away gains made yesterday as we are still sitting well above the 5 year average rating of 49% g/e 
• Reuters is reporting that Chinese imports of U.S. farm products were up 210% in the first quarter of 2020 for the same time last year – however at $5.05 billion at this pace they would still fall short of the promised $36 billion agreed upon in trade negotiations