Wednesday March 10, 2021

  • After a green close post USDA report we are seeing markets taking a step back this morning 
  • The soybean market was able to shake off the increase in Brazilian soybean production in yesterday’s USDA report – rationalizing that the information was gathers prior to heavy rains that delayed harvest and damaged some quality – however the market is having to face the reality this morning that Brazil harvest is here and beans are flowing in and out of their ports and they will become the premier soybean exporter for the next 6 months 
  • Brazilian soybean exports are expected to be as high as 15.5 MMT in the month of March – previous forecasts had this number pegged at 13.8 MMT 
  • Argentine forecasts turning wetter towards the last half of the week pressuring markets this morning 
  • Northern Brazil to remain mostly wet the next 10 days – continuing to slow harvest process as well as hampering the planting and progress of the second crop corn