Your Pro Farmer newsletter (December 9, 2023) is now available

Pro Farmer newsletter
Pro Farmer newsletter
(Pro Farmer)

USDA’s December crop reports typically don’t offer many market-moving surprises and this year was no different, though markets had a negative reaction. While USDA doesn’t update its corn and soybean crop estimates in December, Conab cut its forecasts for both of those crops in Brazil amid adverse weather through early December. Private crop forecasters also lowered their Brazilian production estimates and more reductions would be likely if the weather doesn’t shift. But there has been some improvement with rains across central areas of Brazil in recent weeks and the second half of December looks like it could offer better rainfall chances. On the demand front, China accelerated its purchases of U.S. wheat, with three daily sales of U.S. SRW wheat announced by USDA totaling more than 1 MMT, basically doubling what Chinese buyers on the books through Nov. 30. Soybean demand is being driven by crush, which set an all-time record in October and looks to remain strong. China’s November trade data came in better than expected, but the country faces a hidden debt problem that may soon come to a head. We cover all of these items and much more in this week’s newsletter, which you can download here.

 

Latest News

PF Report Reaction: Bullish USDA data for corn
PF Report Reaction: Bullish USDA data for corn

Corn planting intentions and March 1 stocks came in lower than expected.

Report Snapshot: USDA shows lighter-than-expected corn acres and stocks
Report Snapshot: USDA shows lighter-than-expected corn acres and stocks

USDA reported corn acres of 90.036 million acres for 2024 and March 1 stocks of 8.347 billion bu., both well below trade estimates. Soybean acres were slightly lower than expectations, while stocks were higher.

Timeline and Issues in Getting Baltimore Port Channel Reopened
Timeline and Issues in Getting Baltimore Port Channel Reopened

Exxon Mobil and SAF | Fed governor says ‘no rush’ to lower rates | Russia aids Cuba | Key USDA reports today

Cattle Strength Wanes | March 28, 2024
Cattle Strength Wanes | March 28, 2024

Japan works to support Yen, Eurozone cuts production forecast and the Biden Administration will repair Baltimore Bridge...

Ahead of the Open | March 28, 2024
Ahead of the Open | March 28, 2024

Corn, soybeans and wheat traded in tight ranges overnight, with grains showing relative strength into the break.

Weekly wheat sales exceed expectations, while soybeans miss
Weekly wheat sales exceed expectations, while soybeans miss

Weekly wheat sales were just above the pre-report range for the week ended March 21, while soybean sales missed the expected range by 36,000 MT. Corn sales held steady at 1.21 MMT.