US Ag Sec reported that China might not fulfill its total Phase 1 buying, but we expect them to keep buying breaks as they need to buy US soybeans and Corn to meet feed demands.
President Trump still in the hospital, while the US Congress still has no new stimulus aid vote scheduled.
The weather view is mixed. Good for US harvest, but the US south plains still dry. Brazil and Russia remain dry as well
USDA is expected to keep US corn and soybean crop ratings near last week’s levels. US corn harvest 18-21 percent done, soybean 35-38 percent. Early farmer yields near expectations or maybe a little better. Farm Producers continue to sell soybeans but not Corn. US south plains still dry.
CFTC estimated Managed Money net long 12,000 contracts of SRW Wheat (-2,000); long 107,000 Corn (+11,000); net long 229,000 Soybeans (+18,000); net long 73,000 lots of Soymeal (+8,000), and; long 94,000 Soyoil (-8,000).Back