Thursday October 22, 2020

• Markets are under a wet blanket today as Brazil and Russia see some rains alleviating some of the dryness pressures on the wheat and bean market 
• Weekly U.S. export numbers out this morning
  • Corn came in very strong and well above expectations, almost 3 times more than last week and almost 4 times more than the same week last year 
  • Soybeans, very strong as well on the high end of expectations but slightly lower than last week 
  • Wheat came in on the lower end of expectations 
• November soybean futures are just bumping up against the highs made two weeks ago at 10.80 futures – if this level is overcome we will be entering into a new range of trade with no top currently set 
• Wetter weather slowly making its way into Brazil’s primary soybean growing areas 
• Showers also hit Russia’s wheat belt yesterday taking some pressure off the dry crop – however forecasts remain less than ideal for most of their growing region