Tuesday August 18, 2020
- China purchased more Corn this morning and a soybean purchase was made by “Unknown” (likely China)
- Markets leveling this morning having a strong “buy the rumor sell the fact” feeling this morning
- Crop prices spiked yesterday as they expected conditions ratings to slip due to last weeks storm damage and now today seeing the results have run out of a reaction
- Private analyst AgRural estimates Brazil’s 2020/21 soybean production to reach 129.3 MMT – up from 123.9 MMT in the previous season – planted acres are expected to be up by 2.5 million
- Pro Farmer Crop Tour has started across the U.S., day one results
- Ohio yields being reported at 167.7 bu/ac – ahead of the three year average estimate of 166.2 bu/ac
- South Dakota yields at 179.2 bu/ac – again ahead of three year average of 160.0 bu/ac
- Soybean pod counts came in extremely strong for both states compared to both last year and the three year average
- NOPA released their July soybean crush numbers yesterday at 172.8 million bu – a new record for the month and above estimates
- National crop conditions
- Corn ratings fell by 2 points overall to 69% good/excellent – still above five year average of 66% g/e
- Iowa saw a massive loss in ratings, falling 10% due to the damage from last weeks storm
- Soybean ratings also fell by 2 to 72% g/e – still well above average of 63% g/e
- Winter wheat now 93% harvested in the U.S.
- Corn ratings fell by 2 points overall to 69% good/excellent – still above five year average of 66% g/e