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Tidbits, ENSO, Cattle, Broilers & Ethanol, Markets & Rain Days Update 2/1/24

Highlights


Front month corn and beans settled slightly higher yesterday after trading modestly lower most of the day and after a key reversal on Tuesday. From a technical perspective, a positive development.

  

The US Census Bureau is the final word on all numbers and today the Census Bureau will report the December crush numbers. October 2023 was the largest monthly soy crush ever for the USA at 201 mil bu, but the market expects the December soy crush will be 206.1 mil. bu. The Census Bureau will also release corn and canola crush numbers.

 

Weather forecast continues hot and dry for Southern Brazil and Argentina for another week to 10 days.

 

Argentina reduced its wheat production for this year to 15.1 mil. mts, down ~3 mil. mts from its initial estimate, but 24% above last year’s drought-stricken crop.

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