Glacier FarmMedia – SOYBEANS advanced on the Chicago Board of Trade on Tuesday after moving lower in its previous two sessions.
Crop consultant Dr. Michael Cordonnier trimmed his estimate for Brazilian soybean production by one million tonnes at 178 million. Excessive rains in central Brazil and dryness in Rio Grande do Sul were the reasons for the reduction.
The Brazilian government has backed down from a plan to privatize the management of three rivers totaling 4,000 kilometres of waterways across the Amazon on Monday, which included a bidding process to dredge the Tapajos River. On Friday, Indigenous groups occupied a Cargill terminal at the Port of Santarem.
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ANEC projected February Brazilian soybean exports at 10.69 million tonnes, down 770,000 from last week’s estimate.
The European Union imported 8.11 million tonnes of soybeans so far this marketing year, down 1.02 million from one year ago.
May CORN saw its first loss in three sessions on Tuesday.
Cordonnier lowered his Brazilian corn production estimate by one million tonnes at 135 million. He said the ideal planting window for the safrinha corn crop has passed with only 50 per cent of acres seeded, compared to 64 per cent one year ago.
Analysts are expecting ethanol production for the week ended Feb. 20 to be steady compared to the previous week when the United States Energy Information Administration releases its weekly report tomorrow.
ANEC estimated February Brazilian corn exports at 1.13 million tonnes, compared to 1.12 million in its previous estimate released last week.
All three major U.S. WHEAT varieties were lower on Tuesday, with Kansas City hard red having the biggest losses.
There will be limited precipitation on the U.S. Southern Plains over the next week, with parts of soft red winter wheat growing areas seeing scattered showers to 50 millimetres of rain.
Soft wheat exports from the EU totaled 15.38 million tonnes this marketing year as of Feb. 22, up 1.36 million from last year.
