Wednesday November 25, 2020

• Beans recovered from their double digit lose yesterday afternoon settling again near recent highs   
• The grain markets are being propped up on the same old stories we have been hearing for the last few weeks; precipitation in South America (or lack there of) and Chinese demand
• There have been some reports of canceled Cargoes by Chinese buyers but it doesn’t seem to be the cause for too much concern
• Russia’s SovEcon raised their 2020/21 wheat export estimates by a million tonnes to 40.8 MMT – now only slightly behind record year of 2017/18
• U.S. farmers increased planted winter wheat acres for the first time in 8 years due to the price rally this fall coupled with good planting conditions