Highlights
Yesterday’s weekly export sales had soybeans at their lowest or second lowest sales of the marketing year. Before you panic and sell every bean, note that the lowest weekly soybean exports of the marketing year (which began 1 September) is always a month or so after Brazil starts to harvest soybeans. In fact, the lowest sales week of the marketing year usually comes the first or second week of January because Brazil’s soybean harvest usually starts in late December. This year, their harvest has been delayed due to persistent rains. The US has sold more than 400,000 mt of old crop soybeans in January that normally would not have been sold because Brazil beans are normally available in January.
By the way, cotton export sales (see our chart below) were a marketing year high. If cotton prices go as high as some analysts think, it will really add to the 2023 acreage bidding war about to begin.
Reuters Karen Braun researched the past three years crop ratings on Argentina’s bean crop for the second week of February. You can see this year’s crop is far worse than last year’s poor crop.