Thursday April 23, 2020

• Trade is optimistic that the depressed U.S. prices is bringing back global business with confirmed China sales
• Headlines this morning are reporting that China is going to buy corn and beans for state reserves due to corona virus fears 
  • They want to make sure their domestic needs can be met if the virus continues to escalate and affects shipments out of North America
• Cumulative U.S. sales to China stand at 12.6 MMT for this marketing year (starting September 1) – this is down from sales in the same period last year of 12.9 MMT and the same period in the 2017/18 marketing year at 35.5 MMT 
• Corn making its way into the ground in the Midwest with favorable planting conditions this week
• Weekly export this morning were nothing of note – within expected ranges but softening compared to last week and same week last year