Thursday July 9, 2020
- U.S. forecasts questionable into the weekend – it is expected they will get some much needed rains however they are predicting spotty coverage with some areas getting too much and some not getting any
- Weekly export sales for the U.S. were decent
- Corn right at the top of expected range, soybeans over expected amount and wheat right within expectations
- Corn and beans are in the last stretch of their marketing year, ending August 31 and are both on track to reaching USDA expected exports, wheat just began its 2020-2021 marketing year on June 1
- Plenty of global wheat concerns surfacing as harvest progresses world wide
- Trade anxiously awaiting USDA tomorrow to see how the updated stocks and acres will reflect in the carryout – see full estimates below
- Private consultant Conab raised their official estimate for Brazilian soybean production for 2019/20 from 120.4 MMT to 120.9 MMT – also lowered corn production estimate from 101.0 MMT to 100.6 MMT
- In the same report they increased their estimates for soybean exports from 77 MMT to 80 MMT
- U.S. ethanol production continues to rebound to near pre-COVID levels