Thursday February 10, 2022
- Markets continue to forge fresh highs as Brazilian production estimates continue to get slashed
- Yesterdays USDA report did not contain any new ground breaking information
- Corn balance sheet completely unchanged
- Soybeans – only change on the balance sheet was an increase in crush usage – as expected
- Wheat – demand lowered slightly, overall increase in carryout prediction – as expected
- South American Production
- Brazilian and Argentine soybean production estimates lowered
- Brazilian corn production lowered slightly
- Additional fuel to the rally today came from the official Brazilian analyst CONAB slashing their production estimates by 11% to 125.5 MMT
- Coupled with another flash sale to China this morning there is no dark cloud (that can be seen) on the soybean market today
- With the market overwhelmed by soybean news lately – corn and wheat are feeling the support as well – Corn will have to start making moves as we get into the acreage battle this spring