Monday May 11, 2020

• USDA report out tomorrow at noon – this will be the first report to forecast 2020/2021’s marketing year supply and demand using March 31st acreage estimates 
  • increased carryout for 2019/20 marketing year expected due to the loss of demand since the COVID shut down 
• Cold weather lingers over U.S. Midwest and the market is pulling as much of a weather scare premium as it can before tomorrows reminder of hefty U.S. stocks and big corn acres for 2020
• Trump states his intentions to purchase $3 billion worth of farm goods from American farmers starting next week to help aid farmers as well as secure food supplies for Americans 
• Disruption in American meat supply chain may mean consumers seeing 30% less meat in supermarkets by the end of May at pricing up 20% from same time last year 
• Chinese customs report Aprils soybean imports at 6.7 MMT, down 12% from the same month last year but up from March’s 4.28 MMT