On Tuesday, the USDA will be out with their new domestic exports, stocks, and prices of current crops projections. Outlook Chairman, Mark Jekanowski, said it’s going to be hard for his group to pin it down given the dramatic market movements of late.
“We’ve been selling a lot to China a lot of commodities, soybeans in particular Not only China, several other countries as well.]
Soybeans has been much of the focus as of recent. Speaking of beans, the USDA announced 38,000 tons of soybeans will be exported to Brazil; a relativly unique destination, since Brazil is typically a competitor of the soybeans market. The purhcase is due to abnormally weather in South America.
When turning over to U.S. wheat.
“Dryness concerns in a lot of the major production areas for wheat have been bidding up prices over the past few weeks.”
U.S. winter wheat ratings are the worst in 20 years, pushing wheat futures up three cents per bushel. Corn meanwhile topped the $4 mark and soybeans were up as well; making the situation very dynamic.
USDA’s 2020 forecast will be released Tuesday.
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