1/15/2020: Phase one was signed this morning, details remain scarce but $40 billion per year in US Ag products for the next two years.  No immediate purchases of wheat or corn announced at this time.  All wheat boards remain firm with the deal being signed, and managed money long both KC and Chicago.  World wheat values continue to appreciate as we move along in Q3 of the marketing year, but the US remains uncompetitive currently and incremental demand is not forthcoming.  USDA report was slightly friendly wheat with ending stocks being lowered both domestically and globally.  HRW acres planted came in at 21.8 million, a slight decrease to last year’s 22.5 million acres.  In addition, SRW acres were increased slightly year over year at 5.64 million.  Wheat numbers are supportive, but not balance table changing by any means.  Still plenty of wheat with another crop around the corner, we need some incremental demand to come the US’s way to continue to push things higher.  Report for corn was uneventful.  Harvested acres were decreased slightly, but yield was increased by 1 bpa.  Result was no change to 2019 corn production.  A decrease in exports occurred, as expected and ending stocks came in a touch under 1.9 billion bu.  Market needs fresh demand or fear that boards will grind lower.  Early estimations are up to 95 million acres planted this coming spring, and we have proven its pretty difficult to kill a corn crop.

MARKET UPDATES AND GRAIN INFORMATION now also available via Washington Grain Commission Podcast here