PRO FARMER
Corn-for-ethanol use increased to 485.8 million bu. in December, according to USDA. . .
Crop Consultant Dr. Michael Cordonnier cut his Brazilian soybean crop estimate by 4 MMT to 130 MMT.
Cotton futures extended last week’s late upturn to reach the highest levels in 10 1/2-years behind strength in crude oil and U.S. stocks, and optimism over demand.
USDA’s attaché in Argentina lowered its estimate for the country’s corn production and exports by 3 MMT each . . .
USDA will release its semi-annual Cattle inventory report for the U.S. after the close Monday, which may keep many traders sidelined. The report probably will reflect ongoing herd liquidation across the U.S. . .
Soybean price action recaps and 5-30-90 day outlooks.
A group of Republican senators wrote to EPA Administrator Michael Regan to express concerns over the levels proposed for 2022 by the agency for the Renewable Fuel Standard (RFS) and the proposed rejection. . .
The European Commission increased its forecast for soft wheat, corn and . . .
Corn futures fell under corrective selling following yesterday’s close near a nine-month high, along with pressure from the U.S. dollar’s rally to 19-month highs, which also helped send wheat futures down sharply.
USDA will hold a general signup for the Conservation Reserve Program (CRP) Jan. 31-March 31 and a Grassland CRP signup April 4-May 13.