Wednesday July 22, 2020

• Heat wave seemingly breaking in the U.S. accompanied by scattered showers through pollination eliminating weather threat in one of the most crucial growing stages for corn 
• Brazilian soybean acres set to increase again in 2020/21 making it the 14th straight year of increasing acreage and doubling itself in that time
  • The coming season will also mark the 3rd out of the past 4 years where Brazilian output surpasses American
• The only bright spot seemingly on the horizon for U.S. Ag markets is the continuous buying from China that has developed through the summer – this morning another sale of 30+ million bu of soybeans to China was announced  
• However concern is mounting as United States ordered the closure of China’s consulate in Houston as the latest escalation between the two countries in their current trade dispute
  • The Ag commodities have remained untouched by the current dispute but the bean market knows it is one bad headline away from seeing its export demand crumble