Highlights
At 11 AM Central time this morning, the USDA will release its monthly S&D. We sent the estimates to you as part of Saturday’s mailing. We expect the numbers to be friendly corn, negative for soybeans, neutral to friendly wheat.
Brazil’s situation paraphrased from AgrInvest last evening:
“Soybean basis for the export market is rising, especially for March shipments. Sales are increasing rapidly, but soybean stocks at ports are still low. Soybean sales by farmers this year total 12.93 million tons (up 1.7 million this week), with 11.16 million mts for February and 1.68 million mts for March. Brazil has shipped 2.035 million mts so far this year, 1.9 million less compared to last year. There are reports of long truck lines in Brazil’s interior, with Mato Grosso absorbing trucks and leaving other regions with a shortage.
As of the first week of February, Mato Grosso has planted 23.46% of its safrinha corn, making up for part of the previous weeks’ delay. However, this remains behind the pace of 42.14% at the same time in 2024 and below the five-year average of 36.10%. In Mato Grosso, many producers now realize that July delivery slots for corn are almost fully booked, shifting their focus to August, where more bids are available. In Goiás, specifically in Rio Verde, the market was weaker Monday.”