Corn & beans struggled to keep the early morning rally intact despite continued export sales reported
Another 530,000 metric tonnes of beans was reported sold to China and unknown this morning
Another 460,000 metric tonnes of corn was reported sold in the daily USDA release
China is at 10.2 mil. tonnes currently, much higher than the USDA’s estimate of 7 mil. for the year
USDA may think China cancels corn purchases in the future or rolls them into the 2021/22 crop years
Corn good/excellent ratings were improved 1% to 61% this week after good rains over the Midwest
Soybean good/excellent ratings were held steady at 63% this week
Soybean harvest sits at 6% & corn is at 8%, both slightly behind average likely due to recent Hurricane
Argentina soymeal production is down 9% year over year. They are expected to be down 9.5% in 2021
If this happens, 50% of their total soymeal production will be sitting idle next year
Weather looks clear for rapid harvest activity this week and next!