South American Crops: South American crop consultant Dr. Michael Cordonnier left his Brazilian soybean estimate unchanged at 151 MMT but states his final soybean estimate will depend on what happens in Rio Grande do Sul. Cordonnier slashed his Argentine estimate another 3 MMT.
Ethanol demand remains weak and will have to see a surge to live up to USDA’s forecast. That seems unlikely in the current environment. (we forecast lower exports, corn-for-ethanol use & feed use than USDA).
Ukraine's grain export deal: As of this writing a Russian official has said the deal allowing Ukraine to export grain through its Black Sea ports has been extended for 60 days, though Kyiv has rejected the offer, still seeking a 120-day extension.
The feedlot population is down 4% annually, but U.S. hog numbers are apparently matching year-ago levels and the broiler industry is reportedly ramping up production. Unfortunately, those are not good indicators of corn feed and residual usage.
Pro Farmer will share the details you need to know andhighlight any hidden profit opportunities as well as identify potential risks as we near USDA's highly anticipated Prospective Plantings report on March 31st.
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