Tuesday September 8, 2020
- Markets tested higher on the overnights but settling down to near unchanged through the day
- Private analyst Sov Econ increased their 2020 Russian wheat production estimate to 82.6 MMT due to strong spring wheat yields
- Reuters news took a poll of 12 market analysts to get an average estimate of Brazil’s 2020/21 soybean production – coming in at 131.7 MMT, up 6% year on year
- Planting will begin late September into October – this summer their main growing regions have only seen 75% of normal precipitation
- This may in turn push planting slightly later which would then push harvest, potentially providing an even long window for American bean export sales before the new crop South American supplies are ready
- Private analysts continue to release estimates for this Fridays report – so far all showing a decrease in yields for both corn and soybeans
- Corn yield estimates are settling between 178-180 bu/ac – compared to Augusts USDA yield of 181.8 bu/ac
- Soybean yield estimates ranging 52-53 bu/ac – Augusts USDA yield was 53.3 bu/ac
- US dollar is noticeably higher this morning as it bounces off chart support coupled by the Euro slipping lower
- Chinese corn production facing the second typhoon to hit its crop land in the last couple of weeks – pictures similar to what was seen in Iowa have begun circulating except potentially affecting an even bigger area – Chinese corn prices have surged in response