Thursday July 23, 2020

• Soybeans encouraged this morning based on strong export sales
• Some concern in the market about rallying too high based on export sales as rising tensions between China and the U.S. may threaten the actually shipments in 2020/21
  • Export sales continue to go on untouched by the tensions thus far but there are more nerves in the marketplace than usual as cancellations are still possible 
• Weekly export sales for U.S. 
  • Soybeans saw huge export sales for 2020/21 more than 10 times the sales in the same week last year 
    • However this was no surprise as the headlines of these sales came out last week
  • Corn also had a massive week for new crop sales 
  • Both corn and beans were significantly smaller sales reported for the current marketing year 
  • Wheat sales also came in strong – above expectations