Tuesday December 6, 2022

  • Beans swinging back higher this morning 
  • Soybean demand looking optimistic with China continuing efforts in re-opening 
  • Bean market also seems to be more heavily focused on the slow dry start in Argentina than the overall good conditions in Brazil for planting 
  • Australia’s wheat production estimated to come in at a record 36.6 MMT, despite struggling with flooding in some regions 
  • Monthly USDA report to be released Friday
    • The biggest question I have going into the report is how they will adjust US corn export demand as sales have got off to a so far very slow pace 
    • Estimates are that corn carryout will rise due to the lack of export sales 
    • Argentine production expected to decrease due to dryness through their planting thus far 
    • Brazilian production expected to be steady to higher from November estimates