NPR reports China is dealing with the largest COVID surge of the pandemic with possibly 800 million cases. We all know there are a lot of sick people in China and, lock down or not, that many sick people is bad for business, especially crude oil and soybeans.
USDA announced export sales yesterday morning of:
132,000 mts of old crop soybeans to unknown
141,000 mts of old crop corn to Mexico
Argentina’s Rosario Exchange improved the country’s good or excellent bean ratings by 8% to 19%. However, before you rush out and sell soybeans, last year at this time the rating was 85% good to excellent and it produced 206 million fewer bushels than USDA says this year’s crop will produce.
Some weather forecasts indicate that up to 75% of the primary growing regions of Argentina will see an inch or better of rain over the next 9 days while other forecasters changed from 4 days of rain later this week to just two days and no rain at all next week.