An estimate of corn stocks near 4.89 billion bushels would indicate that feed and residual use is on the pace estimated by the USDA for the marketing year.
China’s insatiable appetite for soybeans is supporting market potential.
Projections from many market observers indicate increases in corn and soybean acreage in 2020.
The U.S., China phase one trade deal, due to be signed sometime this week, still lacks specificity.
The latest net sales total represents the fourth straight week of net sales expansion and hold the promise of continued growth.
Corn export projections sit at 1.85 billion bushels, the lowest total for a marketing year since the drought-impacted crop of 2012-13.