Highlights
CPI for January was up 0.3% instead of the expected 0.2%, which most likely added a month or two to the wait time for an interest rate cut from the Federal Reserve. The past 12 months CPI was 3.1% versus the expected 2.9%.
Dr Cordonnier lowered his estimate for Brazil’s corn production by 3 mil mts to 112 mil (USDA 124) and he reduced Argentina’s corn production by 2 mil mts to 54 mil. mts (USDA 55).
Dr Cordonnier lowered Brazil’s and Argentina’s soybean production by 2 mil. mts each. He has Brazil, Argentina, Paraguay, Bolivia & Uruguay’s soybean production total at 213.8 mil. mt. (USDA 222.8). Last year’s total South American production, according to USDA, was 201.6 mil. mts.