Friday October 23, 2020

• Wheat regaining some of the ground lost yesterday, soys slipping off yesterdays gains and corn remaining around unchanged 
• Chinese customs reported September corn imports at 1.08 MMT – up almost 7 times from last years imports 
  • Year to date Chinese imports, Corn at 6.67 MMT – up 72.5% from 2019, wheat at 6.06 MMT – up 168% 
• China is expected to raise corn import quotas – their current quota is 7.2 MMT – however they have already purchased 12 MMT from the U.S. alone 
• Buenos Aires Grains Exchanged lowered their production estimates for wheat due to the affect of the dry weather and frost damage – now at 16.8 MMT, well below initial estimates made in May of 21 MMT
• Domestic corn prices in Brazil are approaching import values – generally as high as prices will get – American corn remains the cheapest option on the market place for global buyers