Markets/Trade
- AgriMoney.com reports that the USDA continues to hold the U.S. as the world’s largest soybean producer in 2013 despite a better than expected early harvest in Brazil. USDA’s report acknowledged an increase in Brazilian soybean acreage but retained earlier yield estimates despite early harvested fields coming in higher than expected. USDA also increased U.S. production, with the total U.S. harvest estimated at 89.5 million tonnes compared to a Brazilian forecast of 89 million tonnes.
- Luis Vieira of Agriculture.com offers an interview with a Brazilian lawmaker who is also president of the Federation of Agriculture and Livestock, offering more evidence that Brazil will produce a lot less corn this year and will continue to be plagued by logistics and transportation problems.
- A Reuters article on AgProfessional.com reports that following a dry December which damaged Argentina’s corn crop, January has so far provided plentiful rains and a wet February forecast which should ensure a healthy soybean harvest.
- Kevin Crowley reports for Bloomberg that South African corn prices are on the rise due to lower than usual rainfall and low domestic stocks.
Production
- DTN’s Katie Micik provides a summary of USDA’s Friday WASDE and Grain Production reports, noting a drop in U.S. corn production and increase in usage that left ending stocks considerably lower than analyst expectations. At the same time, USDA increased national soybean production slightly which countered increased demand to leave domestic ending stocks mostly unchanged.
- The News-Gazette reports that Illinois was the top soybean producing state in the U.S. in 2013 with 462 million bushels of soybeans, and the second highest corn producer with 2.1 billion bushels of corn.
- An Associated Press article on ConnectTriState.com reports that Missouri’s corn production rose 75% in 2013 to 435 million bushels despite a decrease in planted acres, while the state’s soybean production rose 25% to 197 million bushels.
Ethanol
- Mario Parker reports for Bloomberg that USDA’s smaller than expected corn supplies have helped boost ethanol prices.
