Friday October 30, 2020

• Bean market fighting to end the week in the green after a rough last couple days 
• Brazil’s rains earlier in the week helped contribute to the slide seen in beans however forecasts for South America are still on the dry side 
  • Still no real concern over this dry spell affecting the size of the crop – only when it will make it to the market
  • However with the Chinese demand for soybeans still rising the Brazilian crop cant afford to lose a single bushel
• International Grains Council cut their 2020/21 world corn production estimate by 4 MMT to 1.156 Billion MT due to expected losses in European and American crops
• Weekly corn exports reached their highest number this week since early 2018 – and the third highest total in the last 5 years 
  • Cumulative export sales pace so far this year is the fastest on record 
• Markets continue to shift their focus to the rising risk of the election and the uncertainty surrounding its outcome