Thursday August 20, 2020

As the Pro Farmer Crop Tour moves through the U.S. and continues to find strong yield prospects the markets are finding it hard to sustain their rally and are falling from highs
China continues to purchase soybeans this week
Buenos Aires Grains Exchange estimate Argentina’s 2020/21 corn planted acres down slightly from last season to 15.3 million acres due to dry weather prevent plant
The Pro Farmer tour was in Illinois yesterday and continued to boast high yields before moving into Western Iowa
- IL Corn estimated at 189.4 bu/ac – above the 3 year average of 181.5 bu/ac
- IL Soybean pod counts also came in strong – above the 3 year average
- Western IA corn yields ranged between 172-182 bu/ac slightly below last year and average – pod counts also below comparable
  - The tour in Iowa will continue today
- It should be of note – when they enter the storm affected area there will be no change to how the calculate yield
  - If the corn stocks are completely broke off – the yield would be zero
  - But if they are just laid down or leaning – but the stocks are in tact they will calculate yield the same as a normal standing field
World wheat exports will be in for a bit of a shake up this year
- E.U. had been the top exporter last year but due to drought hurting the European crop it will fall from its top spot
- Russia will take its place and Canada and Australia are set to boost their sales
  - That is story of wheat, as a global crop there is always someone with the short end of the stick and someone to make up for their losses
After last weekends China-U.S. trade talks were canceled with seemingly no intention on re-scheduling – China’s Commerce Ministry is now stating that they will resume talks in the coming days
Weekly U.S. export sales were strong for last week – all coming in within expectations