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