Tuesday November 10, 2020

• USDA out at noon today
  • Overall calling for slightly declining yields for corn and beans leading to declining carryout
  • Changes may also be made on the demand side seeing an increase in Chinese imports 
• Corn and soybean futures sitting around their highs as we approach the report at noon
• Brazil raised their official estimate for 2020/21 soybean production to a record 135 MMT – up from 124.85 MMT in 2019/20 
  • increase due to larger planted acres 
• Brazil also lowered their corn production estimates to 104.9 MMT – still however ahead of last years production of 102.5 MMT 
• U.S. harvest progress
  • Corn 91% complete – well ahead of 5 year average pace of 80% complete
  • Soybeans 92% harvested – slightly ahead of average of 90% complete
  • Winter wheat 93% planted  – conditions ratings gained 2 points this week to 45% good/excellent – still 10% off average ratings 
• South America continues to fight dryness concern – however chances for rain in parts of Brazil in the forecast for next week