Apparently taking favorable weather into account, USDA this week raised Brazil’s soybean production estimate, on the heels of a similar adjustment by Brazil’s government.
Soybean futures soared Thursday after a bullish USDA report pushed down production estimates lower than expected.
Markets slid lower Wednesday, a day ahead of a slew of USDA January reports, including ones that will detail annual crop production and quarterly grain stocks.
So far, favorable South American weather forecasts support estimates of increased crop production in Brazil and Argentina. As a result, some analysts are betting on bigger U.S. ending stocks.
China has increased punitive tariffs on imports of a U.S. animal feed ingredient known as distillers' dried grains (DDGS) from levels first proposed last year, potentially escalating a trade spat between the world's two largest economies.
South Korea is in the throes of a bird flu outbreak has asked the United States to ship it shell eggs, marking the first time the Asian country has sought to buy large quantities of fresh U.S. eggs.
A special form of clean-burning charcoal used for pizza and bread ovens is the first legal export from Cuba to the U.S.
Brazil ‘s government grain agency CONAB raised its estimates Tuesday for record bumper crops of soybeans and grains.
Anyone seeking signs of shrinking Chinese ambitions in world agriculture markets need look no further than the inaugural speech of Jingtao Chi, tapped to run the global trading unit of the nation’s biggest food company.
Brazil’s soybean crop looks so promising that analysts are raising their average estimate by from 103.1 MT to 103.5 MT, according to a poll by Reuters.
Soybeans seesawed down Thursday, backing off from Wednesday’s rally, while corn and wheat rose as funds continued to rebalance positions, according to analysts.