The USDA will issue its December S&D on Friday at 11 AM Central Time. There will be no adjustments for US 2023 crops, just demand adjustments for US crops. There will be production and demand adjustments for worldwide crop production. The market will not expect major changes in South American production, nor do we. It is too early in the growing season. However, we know the safrinha corn crop will be significantly smaller than last year, but since it has not been planted yet, the USDA most certainly will not touch that topic.
CONAB (Brazil’s USDA) will release their December S&D on Thursday and it will have production adjustments.
A US Navy destroyer, USS Carney, and multiple commercial ships came under attack yesterday in the Red Sea. It is assumed the drones and missiles were launched by the Houthi rebels in Yemen and they are backed with money and weapons by Iran. They have also been targeting Israel with drones and missiles.