Tuesday September 15, 2020

• Soybeans have softened off their highs made overnight 
  • The eighth day in a row forging a new high – and 13 out of the last 14 days
  • China continues to buy and conditions ratings continue to slip 
• Stats Canada estimated their 2020 wheat production up 6% to 34.1 MMT from last year – Corn production is estimated up 5% to 14.0 MMT
• U.S. Crop conditions ratings
  • Corn fell to 60% good/excellent – below the average of 65% g/e 
    • Corn harvest initially reported at 5% complete 
  • Soybean ratings fell to 63% g/e – right on par with average
• China continues to work to rebuild its hog herd’s after African Swine Fever decimated their herd size over the past two years 
  • A big focus of the rebuilding is bio-security to ensure history does not repeat itself and within this new objective comes more control over hog diets – they want to discourage the feeding of scraps and focus more on controlled diets of corn and soy meal