Stronger markets to open the week with corn up 7 and soybeans up 10.
The United States exported $28.75 billion of agricultural goods and related products to China in 2020, data from the U.S. Department of Agriculture showed on Friday, missing the $36.5 billion targeted under the Phase 1 trade deal. Beijing and former U.S. President Donald Trump signed the deal in January 2020 after two years of acrimony and a steep slump in imports by one of the biggest buyers of U.S. farm goods. The missed target was widely anticipated despite a recent uptick in sales of corn and soybeans to China. U.S. President Joe Biden’s administration has said the deal is under review.
The crop report will be out tomorrow at 11 and stocks in corn, beans and wheat are expected to decline. The USDA probably takes a middle of the road approach on this report again. Carryout of 1,400 for corn, 120 for beans and 830 for wheat are the average trade estimates. News is pretty limited this morning as we wait for the crop report tomorrow.
Have a Safe day!