announced sales of soybean, meal and corn. Soybean futures are surging higher again on heavy fund buying amid Chinese buying that seems not to be slowing down. Chicago soybeans hit their highest level since May 2018. Bunge cancelled 8 SBO registrations.
President Trump announced $13 billion of US farm aid yesterday while visiting Wisconsin. Back in April $19 billion relief was announced, including $16 billion in direct payment. $28 billion of trade aid was handed out in 2018 and 2019. US corn is higher
following the soybean strength. China Dalian corn hit a fresh five-year high with January gaining 55 yuan (about 8.14 U.S. dollars) at 2,484 yuan per ton. China’s currency is strong. French corn ratings declined to 59 percent good to very good as of September
14 from 60 percent previous week. 4% of the corn crop had been collected. Ukraine grain exports are running 10.2 percent below year ago level (July-June season) at 10.33 million tons (11.5MMT year ago), according to the economy ministry, including 612,000
tons of corn (1.9MMT year earlier). La Nina like conditions with dry areas across the southern US winter wheat belt is a supportive feature for wheat.