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GRAIN HIGHLIGHTS: Top Stories of the Day

08/07/2020 | 05:34pm

TOP STORIES:

 

Soybeans Fall as Bearish WASDE Expected

Soybeans for November delivery fell 1.2% to $8.67 1/2 a bushel on the Chicago Board of Trade Friday with grain traders saying next Wednesday's WASDE report will include information that will bring a prolonged downturn to grains prices.

Grains traders anticipate the WASDE report will show elevated supply figures for U.S. crops. "Many analysts are expecting to see elevated yield numbers, especially on corn given recent growing conditions and crop reports," said Karl Setzer of AgriVisor. According to Setzer, traders are expecting corn yields to rise to 182 bushels per acre, while soybean yields rise to 52 bushels per acre.

 

USDA Announces New Soybean Purchase by China -- Market Talk

09:20 ET - Chinese buyers have purchased an additional 456,000 metric tons of US soybeans for delivery in the 2020/21 marketing year, the USDA says. The new sale comes as President Trump moves to limit the US operations of Chinese apps TikTok and WeChat--a move expected to further agitate Chinese officials. Prior to this sale being announced, grain traders were growing unsatisfied with the current pace of Chinese buying. "Chinese demand has slowed lately and with the good weather across most of the soybean belt, there is not a lot of news to boost prices," says Tomm Pfitzenmaier of Summit Commodity Brokerage. Soybean futures on the CBOT are unchanged pre-market Friday. (kirk.maltais@wsj.com; @kirkmaltais)

 

STORIES OF INTEREST:

 

China Trade Rides a Wave in July After Coronavirus Restrictions Ease

China's exports picked up momentum in July for the second straight month, as global demand recovered with the easing of coronavirus-related restrictions.

Underpinned by strong shipments of protective gear for the pandemic and electronic products to fulfill work-from-home demand, July's 7.2% increase from a year earlier was the fastest so far in 2020, according to data released by the General Administration of Customs on Friday. It beat June's 0.5% growth, in addition to a 0.1% increase expected by economists polled by The Wall Street Journal.

"After turning positive in June, July's export data showed an overall improvement in global demand," said Iris Pang, an economist with ING Bank in Hong Kong.

 

Brazil Consumer Prices Rose More Quickly in July on Fuel, Electricity

SÃO PAULO--Brazil's inflation accelerated in July from the previous month as fuel and electricity prices increased

Consumer prices increased 0.36% from June, the Brazilian Institute of Geography and Statistics, or IBGE, said Friday. Prices rose 2.31% from a year earlier. In June, prices rose 0.26% and increased 2.13% from a year earlier.

Many Brazilian states and towns have begun to ease the social distancing restrictions first implemented in March to slow the spread of the coronavirus, permitting some businesses to reopen and boosting economic activity.

 

Canada Ramps Up Retaliation Against U.S. Over Aluminum Tariff

OTTAWA -- Canada said on Friday it intends to slap its own tariffs on a range of U.S. products that contain aluminum -- ranging from washing machines to golf clubs to canned beverages -- in retaliation to President Trump's latest move to aggravate one of the world's largest trading relationships.

The decision by Canada marks a return to trade rhetoric between the two trading partners after successfully concluding and implementing the U.S.-Mexico-Canada agreement, which came into force last month.

 

THE MARKETS:

 

Hogs Rise Ahead of Next Week's US-China Trade Meet -- Market Talk

15:28 ET - Lean hog futures on the CME moderated their gains, closing up 3.6% at 50.975 cents per pound -- the highest close since late July. Next weekend, a meeting between the US and Chinese delegations to discuss the outcome of January's phase one trade agreement is taking place. "China has been buying US goods, but volumes are falling short of expectations," says Karl Setzer of AgriVisor. Whether or not these talks will impact livestock futures depends on if any actionable news comes out of them. Meanwhile, live cattle futures finished down 0.5% at $1.0645 per pound. (kirk.maltais@wsj.com; @kirkmaltais)

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