By Kirk Maltais
-- Corn for December delivery rose 0.6% to $3.71 a bushel on the Chicago Board of Trade on Thursday, as weekly exports sales increase.
-- Soybeans for November delivery fell 0.5% to $8.68 3/4 a bushel.
-- Wheat for December delivery rose 0.8% to $4.71 3/4 a bushel.
Corn, Wheat Exports Rise: USDA reports net corn sales of 119,300 metric tons for the period August 9-15, up 31% from the prior four-week average. Wheat sales rose to 594,600 metric tons for 2019/2020, up 29% from the previous week and 19% from the prior four-week average. Mexico was the top buyer of both commodities.
Chinese Buying Still Seen on USDA Soybean Export Sales -- Market Talk
09:47 ET - Export sales of new crop soybeans to China totaled 66,000 metric tons, the USDA says. In total, 792,600 tons were sold -- with over half of that targeted for unknown destinations, which is oftentimes considered a concealed way for the Chinese to buy U.S. soybeans. This purchase comes after the Chinese government reportedly told their state buyers to no longer purchase U.S. agricultural products. Soybeans on the CBOT are up 0.8%.
From the Pro Farmer Midwest Crop Tour:
Big Chill: Crops on the Pro Farmer Midwest Crop Tour this week are anywhere from 3-6 weeks behind their normal pace. Farmers are concerned an early frost could derail their crops--which are more vulnerable due to their immaturity. "From a marketing perspective, it won't be good," said Brian Grete of Pro Farmer.
Downside Surprise: Illinois soybeans have fallen off from last year's levels, says Pro Farmer. Average pods per district was 997.68 pods, down 24% from last year. While Pro Farmer said that a decline was expected, the extent of it was a surprise. "We knew pod counts would be down, they were monstrous last year. But to see them this... is a surprise," said Brian Grete of Pro Farmer. Illinois corn yields, meanwhile, came in at 171.2 bushels per acre, higher than other states surveyed on the tour but still lower than last year's figures.
Waiting Game: At the Pro Farmers event in Iowa City, Iowa, last night, representatives of Pro Farmer said the policies of President Trump toward nations like China won't bring a trade deal between the two nations as quickly as other approaches. "I don't think we're going to see a resolution," said Brian Grete of Pro Farmer. "China is going to try and wait until 2020 and hope that Trump doesn't get elected." In a tweet Wednesday, Trump said that the U.S., was "doing great with China and other Trade Deals. The only problem we have is Jay Powell and the Fed."
-- Pro Farmer's Midwest Crop Tour runs through Thursday.
-- The USDA is scheduled to release its latest weekly export sales numbers at 8:30 a.m. EDT Thursday.
Write to Kirk Maltais at email@example.com