Grain > Commentary > 8/5/2020

8/5/2020

Aug 05, 2020

We had another small bean sale announced to China this morning of 192,000 metric tons.  This morning it felt like the market was going to bounce slightly off yesterday beat down, but even with the sale announcement to China beans finished in red figures today.  Corn finished up 3 cents on the day.  It feels like corn in just looking for a bottom at this point.  Did we put that in yesterday, or does Dec search for that 3.09 area?  My guess is the later, but that will likely take until we see some harvest yield reports.  Weather looks to trend warmer in the 6-10 and 8-14 day forecast.  I have a heard a couple reports out of Iowa that even the dry areas have a chance to reach average yields, but another rain is needed.  Beans here could use a shot of rain as well soon, especially in the lighter soils.  Yesterday afternoon there was a tweet stating that there is supposed to be a meeting between the U.S. and China on August 15th to discuss progress on the Phase One agreement.  That is the first trade talks we have heard in quite some time, which may be good news for exports.  StoneX and Informa are now both predicting record national yields, which is not a surprise.
 


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