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Ontario Grain Market Commentary, Wednesday November 20, 2019

Nov 20, 2019
 
Corn
 
The latest crop progress report indicates that the US corn harvest is 76% complete. This compares with the five-year average of 92 percent. Some states remain under 50% complete. 
 
US Corn exports continue to be sluggish. September corn exports were the lowest volume for the month since 1975. Global supplies and aggressive competitor countries have contributed to the slow US export pace. One such instance is a record large Brazilian corn crop, leading to greatly increased exports for this country.
 
Soybeans
 
US soybean harvest is 91% complete, up 6% from last weekend close to the five-year average of 95 percent.
 
Soy futures strengthened as China trade talks with the US appeared to move forward. China was a top buyer of US soybeans during the week ending November 7, accounting for over 750,000 tonnes.  Trade talks continue and we wait to see the results.
 
Wheat
 
The neighbouring US indicates an 80-95% emergence of winter wheat. Overall, the US winter wheat emergence is 83% which is 3 percentage points below the five-year average.  The crop rated good- excellent is 52%, down 2% from last week.
 
The French firm Strategie Grains estimates the EU soft wheat production for 2020 to be 23.7 million Ha (58.6 million acres), which is lower that its October estimates. This reduction in acres is a result of wet weather delays in Europe.
 
Source: GFO