Wednesday May 27, 2020

• Soy and corn planting over the last week was slightly less than expected with rains slowing progress last week
  • Corn now 88% complete, still ahead of 5 year average
  • Soybeans 65% planted, again ahead of both last year and 5 year average
  • Spring wheat  planting remained behind average pace 81% complete
  • Winter wheat ratings gained 2 points to 54% good/excellent 
• A soybean vessel was halted yesterday after a crew member tested positive for COVID coming from a South American port 
  • Helping to justify Chinese buying now before a second wave of COVID stalls more ports
• Consultancy IKAR cut their expectations for Russian wheat production again this week from 76.2 MMT to 75.6 MMT 
  • This is the second consecutive week they have made cuts in Russian production estimates.