24-hour: 126k soybeans for China. USD this morning was slightly higher and WTI turned higher after equities rallied amid better than expected jobless claims. The CBOT ag futures are under additional pressure from nonthreatening US weather. Soybeans are
lower for the third consecutive day. Malaysian palm oil was up 48MYR and cash rose $10.00. China soybeans, meal and vegetable oils were on the defensive. ProAgro raised its Ukraine 2020 wheat harvest forecast to 26.59 million tons from 26.07 MMT. They
also increased their corn estimate and barley production. Yesterday farmer advisory service FarmLink Marketing Solutions estimated the Canadian wheat crop at nearly 39 million tons, which would be above the previous record of 37.6 million tons set in 2013.
This contradicts other estimates. South Korea bought US wheat. Japan bought food wheat and Pakistan recently bought optional origin wheat. The FAO world food price index averaged 94.2 points in July versus a slightly revised June figure of 93.1 points.
China sold nearly 4.0 million tons of corn from auction at an average price of 2,005 yuan per ton, bringing cumulative sales to around 44 million tons since May 28. China futures traded lower for the fourth consecutive day.