Tidbits
USDA will release its monthly S&D on Thursday, February 8th at 11 AM Central Time. There will be no US production changes, just demand changes. The world S&D will have production and demand changes. All eyes will be on the South American crops and China’s imports.
Jason Britt of Central States Commodities did the math to help us keep a “handle” on US exports:
Corn export sales last week were 47.5 mil bu; 22.5 mil. bu. needed to meet USDA projection
Soybean sales 6 mil bu; 9.6 mil bu needed to meet USDA projection for the marketing year
Wheat sales 11.8 mil bu; 4.8 mil bu needed to meet USDA projection
Soybean meal sales 494,000 mts; 138,000 needed to meet USDA projection
Argentina’s corn crop is 46% pollinating and 34% silking while soybeans are 59% flowering and 23% setting pods. The very hot and dry weather will continue into at least mid-week.
The Ministry of Agriculture for the state of Goias in Central Brazil sponsored a state-wide crop tour the fourth week in January. The results were soybean production will be down 15 to 23% from initial expectations.