Wednesday August 5, 2020

• Technical leveling out this morning – markets recovered slightly on the overnights with seemingly no where to go but up however this morning trade is proving this not to be true wiping out any gains and testing lower of beans and wheat
• Massive explosion in Beirut Lebanon yesterday has devastated their wheat storage – they now have less than a month’s supply and will begin importing to cover needs
  • Lebanon’s wheat imports will not be enough to garnish a reaction from the market place as they are not a large enough player
• Barchart released their estimates for the U.S. crop 
  • Corn yield at 174.8 bu/ac
  • Soybeans at 49.2 bu/ac
    • Both up from previous estimates by the company
• Germany’s 2020 wheat production was down 12% from last season at 20.23 MMT due to lower planted acres revisions
• Agroconsult estimate Brazil’s 2020/21 soybean crop at 132.6 MMT – a record production and up 2.5% year on year 
  • Corn production is also predicted to increase to record levels at 110.3 MMT