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Rain Days & Tidbits 01/27/2022

Western Kansas areas received more than two feet of snow yesterday. Very good news for those farmers.

This morning Brazil's Mato Grosso do Sul cut its soybean output to 11.4 million mt, down 5.7% the previous report and 13.8% below a year ago despite 7% more bean acres. Those farmers have sold 39.74% of crop, 21% less than a year ago.

Soybean crushing margins are very strong in Brazil, thus, not nearly enough beans are going to the ports. FOB basis at the ports is skyrocketing at Paranaguá and Santos as the ship line-up is already for 10 million mt of beans and 1.6 million mts of meal and it increases every day. Looks like more need for US bean exports.

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