Thursday May 21, 2020

• Wheat turned around yesterday and is seeing continued strength again this morning – distancing itself from lows made Monday and pricing in some risk concern for the Russian crop 
• China will start selling off corn from their state reserves starting at the end of the month, expected to continue until new crop 
  • Corn usage in China so far this year has been better than had been expected and supplies have been tight causing a near 15% inflation in prices this year alone 
• Russia revised their wheat production estimates lower from 77.2 MMT to 76.2 MMT
• Weekly U.S. export sales numbers came in strong for beans and within expectation for wheat and corn 
• Brazil’s safrinha corn received some needed rain recently which should help stabilize the crop but will not fully recover all yield losses