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