Thursday October 29, 2020

• Markets leveling out slightly this morning 
• Wheat struggling to hold ground against improving precipitation on global wheat crop 
• Estimates that Chinese corn imports could more than double in 2020/21 compared to 2019-20 to 17 MMT – with more than 10 MMT booked already 
• Weekly export numbers continue their strong trend this week providing some support this morning 
  • Corn was the star of the week coming in almost a thousand tonnes higher than the top end of the expected range 
• Caution remains in the stock markets as Germany and France increased their lockdown measures – the volatility from the first lock down still fresh in traders minds 
• Yesterdays price set back did not go un-noticed by global buyers – Mexico purchasing more than 35 million bu of U.S. corn for this year and more than 21 million bu for next year