Grain markets were mixed this week as we got the first look at how the USDA is thinking about the 2020/21 crop year in terms of supply and demand, just as demand peeks its head out from underneath the COVID-19 covers. Through the middle of May, soybean and corn prices were helped by more optimism that China would make good on its Phase One trade deal promises, whereas wheat lost some ground due to welcome rains in Europe and the Black Sea. On Tuesday, May 12th, the USDA gave us their first official estimates of the new 2020/21 crop year.…
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