Tuesday June 23, 2020

• Corn conditions improved last week and with precipitation remaining on the forecast for the Midwest the corn trade is facing an uphill battle to try to find a reason to go higher
• Chinese customs released May import data 
  • Corn imports down 15% from May of 2019 – however cumulative Jan-May corn imports are up 16% year on year 
  • Wheat year on year imports from Jan-May are up 68% 
• Chinese soybean buyers are asking exporters to sign a guarantee of coronavirus-free cargoes as an attempt to prevent the spread of the virus through imported goods 
• U.S. National crop ratings
  • Corn raised a point to 72% good/excellent, still ahead of 5 year average of 69% g/e and more beneficial rains on tap for this week
  • Soybean ratings fell 2 percent to 70% g/e – still ahead of average of 66% g/e 
  • Winter wheat now 29% harvested in the U.S. with conditions ratings rising to 52% g/e, just above average of 50% g/e
• Some trade drama overnight seems to have resolved itself on twitter this morning 
  • A white house advisor made comments yesterday that that phase one China trade deal was over – however this morning Trump took to twitter to confirm that they are continuing to work toward the agreement and the comment has since been re-nagged and said to have been taken out of context