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Grain Market Insight
August 14, 2020 Wheat – Sideways close after trading both sides today. Export line up is decent with several countries not named China buying. Syria will likely pass as they are looking for some Black Sea wheat. Corn – Took a break today after yesterday’s bull run and held in close to unchanged at the close. Weather forecasts slightly wetter but mostly dry next week. Estimates on Monday’s “Derecho” event seem to be hovering between the 150 mln bushels to 200 mln bushels estimates. Soybeans – Like the corn seemed to take a breather today with a slightly lower close. Rumor says that 6 cargoes of beans sold to China yesterday, five from the gulf and one from the PNW. USDA announced 126,000 tones additional beans sold to China this morning and they bought two cargoes from Brazil. No one thinks we lost any significant bushels of beans on Monday to Derecho but yield seems to be swinging back down.
Morning Grain Comments 8-14-2020 – The grain markets were lower during the night session but wheat moved back toward unchanged later in the session as the grains ended the night session mixed. The trade volume during the night session was lighter than yesterday but still very strong. There isn’t a lot of big news this morning, just a number interesting items including the corn crop condition in France to 65% good or very good, the Australian Grain Industry Association projected wheat production to be 126 million bushels higher this year than last, and barley production in Australia is expected to fall by 7 million bushels due to less acres planted in response to tariffs in China. On a more concerning note for some, StoneX stated “Arabica coffee depots in Antwerp, Belgium were damaged by a recent storm.” At the end of the night session at 7:45 this morning, Kansas City September wheat was 0.75 cent higher, Chicago September corn was down 2 cents, and Chicago November soybeans were 5.25 cents lower. Have a great day and weekend.
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"Your opponent, in the end, is never really the player on the other side of the net, or the swimmer in the next lane, or the team on the other side of the field, or even the bar you must high-jump. Your opponent is yourself, your negative internal voices, your level of determination."
