🇺🇸Analysts see 2023 U.S. #corn plantings up 2.6% on the year, #soybeans up 0.9% and all #wheat up 6.8% ahead of USDA's March 31 report.
⚠️Beware of the soybean range - it's the narrowest in at least 16 years and MUCH smaller than in recent years - that's how surprises happen.
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#Brazil's exports of #soybeans are in full swing, and the majority of the shipments are headed for Asia. March exports are expected to be similarly strong as last year, but the season's exports will be down after serious crop troubles in the south.
Terrible (negative) profit margins for hog producers in #China could last until next year, according to some analysts, and the resulting switch to lower quality feed grain could hurt demand for #soybeans and soymeal.
reuters.com/article/china-…
As of March 8, money managers' bullish bets across U.S. grain and oilseed futures surpassed year-ago levels, moving into the top 10 all-time for combined net longs at 800,622 futures and options contracts.
Total gross shorts are sub-100,000 for the first time since 2011.
🌽Average new-crop CBOT futures in February:
#Corn $5.90 per bushel (11-year high)
#Soybeans $14.33 per bushel (record high)
These represent the insurance guarantees to U.S. farmers for the 2022 harvest.
#China said on Monday it plans to facilitate the commercialization of genetically modified #soybeans, #corn & #cotton. This is unlikely to have an immediate market impact, but it is important to keep tabs on what's going on in China, especially amid other chaotic world events.
Feb. 22: CBOT December #corn futures broke through $6 per bushel, ending the day up 1.3% and a half-cent below Tuesday's contract high of $6.06-1/4.
The only other year in which new-crop corn futures were trading this high in February was 2011.
#China wants to increase meat output by 2.8% a year to 2025, part of its 5yr plan to modernize agriculture. Pork production would not exceed the pre-ASF levels, though, since Chinese consumers are increasingly switching to other meats like chicken and beef.
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