Upcoming S&D
The USDA will issue its December S&D today at 10 AM Mountain Time. There will be no adjustment to US production (SOP for Dec S&D), but there may be adjustments to the demand side on the domestic S&D. The world S&D may have production and demand adjustments.
Market-wise, this will be non-event, but if there is a surprise, it will be friendly for higher prices.
Highlights
CONAB lowered Brazil’s soybean production estimate from 162.42 mil mts to 160.18 (USDA 163). CONAB slightly reduced Brazil’s first crop corn production, but left the safrinha crop unchanged.
The 5 day forecast turned drier for central and western Brazil (includes Mato Grosso) and the 11-15 day forecast turned drier in Southern Argentina and Central and Western Brazil.
CitiBank analysts predicted OPEC+ may hold an emergency meeting next week on the issue of crude oil production.