Highlights
President Putin announced yesterday the restoration of U.S. and Russia diplomatic ties as the peace talks accelerate. Reuters News service confirmed the agreement was reached Tuesday, the first day of the negotiations in Saudi Arabia on ending the war.
The Buenos Aires Grains Exchange lowered their Argentine corn production estimate by 1 million mts to 46 million (USDA 50). Corn condition rating this week is down to 16% in good/excellent and up to 49% poor/very poor category. Their soybean estimate was reduced by 1 million to 48 million tons, 15% is rated good/excellent while 36% is poor or lower.
Brazil's soybean production will total 171.3 million mts according to Agroconsult after its crop tour, down 900,000 mts from its previous estimate, largely due to drought in the southern states.
We figured out the main reason why soybeans futures have not declined as Brazil’s soybean harvest progressed into February.