Brazil’s agricultural research and supply company Conab revealed their new crop production estimates early Thursday. Their Brazil soybean production estimate is down 15 mmt (551 mb) from the previous estimate just one month ago.
Brazil soy production was dropped to just 125.5 mmt (4.61 bb) and is 8.5 mmt below that of the February WASDE. Already embroiled in a weather and demand-led bull move, that sent corn and the soy complex to new highs, before midday selling led to a sharply lower close.
March corn closed down 5 cents per bushel and December corn was down 3 3/4 cents. March soybeans closed down 20 1/2 cents and November soybeans were down 5 1/2 cents. March KC wheat closed down 14 cents, March Chicago wheat was down 13 1/2 cents and March Minneapolis wheat was down 11 1/2 cents.
The March U.S. Dollar Index is trading down 0.039 at 95.455. The Dow Jones Industrial Average is down 459.79 points at 35,308.27. April gold is down $2.90 at $1,833.70, March silver is up $0.04 at $23.38 and March copper is up $0.0300 at $4.6325. March crude oil is up $0.21 at $89.87, March heating oil is up $0.0013, March RBOB is up $0.0095 and March natural gas is down $0.047.