Tidbits
USDA reported yesterday morning China canceled their purchase of 130,000 mts of old soft red winter wheat.
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China’s exports and imports for the first two months of the year were above expectations. This is viewed as an indication that demand may be improving, and the Chinese government has been attempting to speed up its economy. Exports were up 7.1% from a year ago, while imports were up 3.5% as compared to the same period last year.
Dr. Michael Cordonnier reports that in the municipalities of Caarapo in southern Mato Grosso do Sul, and Querencia in eastern Mato Grosso, the soybean harvest is 90% complete and farmers are reporting yield losses of 20 to 27%.
Also, farmers have planted approximately 70% of their safrinha corn, which is ahead of the normal pace and they may reduce their safrinha corn acreage 10 to 15% due to low corn prices and instead plant grain sorghum, millet, or oats.