Thursday May 7, 2020

• After testing lower again yesterday trade seems to be at least acknowledging a chance for risk with this up coming cold snap and wet weather to follow and picking up some optimism on Chinese purchases
• Export numbers for this week were nothing to excite, all coming in within expectations but on the lower end 
• China made a purchase overnight of 27 million bu of American corn, a positive story as China is not typically a large corn purchaser
  • Hopefully good will purchases such as this by China, working towards meeting agreements in the phase one trade agreement will help deter Trumps previous ideas of re-imposing tariffs on Chinese goods
• Stats Canada released their estimated 2020 acreage report
  • Total wheat up 3.3% from 2019 at 25.4 million acres for 2020
  • Total corn up 3.2% from 2019 at 3.8 million acres 
  • Soybeans down 8.7% from 2019 at 5.2 million acres