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