The Good: The good news today was yet another sale of 132,000 tonnes of U.S. soybeans to China overnight. This continues the recent string of strong soybean sales to China. The 132,000 tonnes will appear on the report two weeks from now, but strong overnight sales last week guarantees that the U.S. will post strong weekly sales. Soybean oil sales have also been strong, which has pushed the soybean oil chart (December) to the highest levels since March. This in turn is supporting the recent run in canola prices.
The Bad: Corn conditions this week were constant with 71 per cent of the crop in good to excellent condition. With 59 per cent of the corn crop in the silking stage, crop conditions indicate that most of the crop has moved through the most critical growth stage with little stress. The soybean conditions increased by one per cent to 69 per cent good to excellent. The 2020 crop growing season so far in the Corn Belt has been nearly ideal.
The Ugly: A low pressure system is beginning to push into the Peace River region of BC tonight and will bring rain to most of northern Alberta tomorrow. Total amounts in the northern areas of Alberta will range between 25 and 75 mm over the next five days. This is just adding to the misery experienced by farmers in northern Alberta and the Peace River region.