Friday July 24, 2020

• Soybean market is having an internal battle: still feeling the support of Chinese purchases – China or “unknown” has made American Ag purchases everyday for the last week and a half but as tensions rise and China retaliates closing a U.S. consulate the market is worried about how long Ag commodities can go untouched by the latest feud
• Private analyst Celeres estimates an increase in Brazilian bean acres by 3.2 million acres 
• International Grains Council cut their estimates for 2020/21 world wheat by 6 MMT due to losses in the European and Russian crops 
• I.G.C. also updated global corn production lower due to the decrease in the U.S. acre