Wednesday May 6, 2020

• We are just less than a week away from Mays USDA report where we are expecting a starch reminder of the growing corn carryout from a decimation in demand and a hefty crop coming down the pipes 
• Informa updated some global production estimates 
  • Lowered 2020 U.S. wheat production estimates by 32 million bu to 1.207 billion bu – down almost a billion bu from last year
  • World crop Report lowered Brazil and Argentina’s corn production estimates by 2 and 3 MMT respectively 
  • Russian and Ukrainian wheat production estimates were also lowered slightly for 2020 
• Stats Canada expected to report 25.3 million acres of winter wheat – up from 25.02 million acres in 2019 
  • Corn acres expected at 3.6 million vs 3.7 million last year
  • Soybeans 5.5 million vs 5.7 last year