The Good: U.S. soybean sales were strong today in the export sales report with 313,000 tonnes of old crop and 767,600 tonnes of new crop sales. China accounted for 389,000 tonnes of the new crop sales last week. There was also an announcement of overnight sales totalling 873,000 tonnes of new and old crop soybean sales overnight. The sales were to China (522,000 tonnes) and “Unknown Destinations” (likely China as well). The soybean futures moved up seven cents per bushel during the trading day. The good news is that the new crop sales will soon be the fastest pace in six years when these sales make it into the regular sales report.
The Bad: Covid19 situation in the U.S. appears to be slowing the economic growth in the southern U.S. as people begin avoid going out. The number of cases in the U.S. will move over 3.6 million people tomorrow with deaths likely to hit 140,000 by the weekend. This is not good news for the economy.
The Ugly: More rain in northern Alberta today with some heavy thunderstorms moving from across the region this evening. Rain may make grain, but too much rain causes disease and floods crops out. Dry weather is needed in northern Alberta urgently to stop the deterioration of crop conditions.