Grain > Commentary > 10-19-2020

10/19/2020

Oct 19, 2020

10/19/2020
Corn and beans were higher today on another round announced export sales this morning.  We had 123,000 metric tons of corn to Mexico and 345,000 metric tons of corn to Unknown (Likely China).  This export market is setting up to be a monster as it gets better by the day.  There remains a lot of chatter that China will need to buy a greater amount of US corn and beans as South America may have over shipped short term.  Stay tuned on that front, but make sure you keep in mind that it is an election year and anything can happen.  We will get an updated look at harvest progress this afternoon as it should have been a solid week.  Cold temps and snow may delay us for a while, but overall it has been wonderful harvest.  Weekly US soybean exports were 80 mil bu versus 88 last week and 49 last year. Season to date exports are near 423 mil bu versus 238 last year. USDA goal is 2,200 versus 1,676 last year.  Some could see exports as high as 2,350.  Weekly US corn exports were 36 mil bu versus 33 last week and 23 last year. Season to date exports are near 215 mil bu versus 121 last year. USDA goal is 2,325 mil bu versus 1,778 last year. This includes 500 mil bu total to China versus 80 last year. Some estimates of China demand for US corn are as high as 900 mil bu.
 

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