Thursday September 1, 2022

• Markets continue to trade a fairly narrow range either side of unchanged as news overall remains slow
• Chinese soybean buying is said to be active but will go under the radar as the USDA is currently on hiatus for reporting export sales until their new sale report publishing system is operational 
  • USDA is expecting to get back to regular reporting by Sept 15 
• StoneX will release their updated yield estimates this afternoon
• Ukrainian officials are predicting a 30-40% drop in wheat planted acres this fall due to “lack of funds” 
  • This would put production at about 15 MMT, compared to 2022’s 19 MMT and 2021’s 32 MMT 
• Allendale Inc posted a producer survey for 2022 U.S. yield estimates
  • Corn 172.4 bu/ac – falling between the Pro Farmers 168 and USDA’s last estimate at 175 ub/ac
  • Soybeans 50.9 bu/ac – below both PF estimate and USDA last estimate of 51.9 bu/ac 
• Brazilian soybean acres for 2022/23 are expected to be a massive 105 million acres – the largest acres ever and the first time ever soybean acres in any country has surpassed 100 million