From soybean production cuts in Brazil to U.S. exports and Russian wheat forecasts, there are several key updates that could impact your market prices.
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Market Influences You May Have Missed This Week:
Export Sales Data
Corn: Net sales of 1.025 MMT for 2022-23 increased 12% from the previous week and were 15% above the four-week average. Mexico was the lead buyer at 269,000 MT, while China purchased 126,000 MT. Sales were within the range of estimates from 600,000 MT to 1.2 MMT.
Soybeans: Net sales of 512,800 MT increased 37% from the previous week but were down 35% from the four-week average. China was the lead buyer at 283,600 MT. Sales were in the lower end of traders’ expectations that ranged from 400,000 to 800,000 MT.
Wheat: Net sales of 209,800 MT for 2022-23 increased 60% from the previous week but were 32% lower than the four-week average. Sales were near the low end of expectations ranging from 150,000 to 450,000 MT.
Brazilian Soybean Crop Cuts
Brazil-based consulting firm AgRural cut its Brazilian soybean crop estimate by 2.1 MMT to a still-record 150.9 MMT due to impacts from drought in the far southern state of Rio Grande do Sul (RGDS). AgRural says expected high yields in Mato Grosso, Goiás and the northeastern states will partly offset losses in RGDS.
SovEcon Raises Russian Wheat Export Forecast
SovEcon raised its 2022-23 Russian wheat export forecast by 100,000 MT to 44.2 MMT amid what it expects will be a record pace of shipments for the February through June period.
NOPA Crush Again Falls Shy of Expectations
Members of the National Oilseed Processors Association (NOPA) crushed 179.0 million bu. of soybeans in January. While that was up 1.5 million bu. (0.8%) from December it dropped 3.2 million bu. (1.8%) from January 2022 and was shy of the 181.7 million bu. traders expected.
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