Wednesday September 2, 2020

• Beans attempting to hold its gains teetering just around unchanged this morning as corn falls a penny and wheat steps off yesterdays gains
• USDA’s daily export sales report was blank today for only the third time in the last month 
  • With no fresh China sales and no specific report reminding of production concerns the trade is finding it difficult to be on the green side of trade today 
• Yesterday the rumor of a purchase by China of American wheat fueled the rally yesterday – today we still have not seen any confirmation of this so we are seeing the prices back off again  
• Brazilian exporting association Anec estimated that they would export 82 MMT of soybeans in the 2020 calendar year – corn around 31-33 MMT 
• U.S. soybean crush for July came in at 184.5 million bu – ahead of June and average estimates, a new record for the month of July 
• U.S. corn used for ethanol came in at 424.4 million bu – ahead of June but still off last July’s usage of 450.8 million bu