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Tidbits, Options Spread Update, Markets & Rain Days Update 1/24/24

Tidbits


A Farm Futures survey of 825 growers resulted in them predicting US farmers will plant:

  • 92.798 million acres of corn, 94.6 mil in 2023

  • 84.953 million acres of soybeans, 83.6 mil. in 2023

  • 47.994 million acres of wheat, 49.6 mil in 2023

 

Dr. Cordonnier left unchanged his corn production estimate for Brazil at 115 mil mts. He also kept his Argentine corn estimate steady at 56 mil mts, with 23% of the crop pollinating; 46% rated good or excellent.

 

The good doctor left his Brazil bean estimate steady at 149 mil mts. He did say Mato Grosso’s bean crop will be down 13.9% from last year. He sees Argentina producing 52 mil mts of beans, the same as his previous estimate.

 

AgRural says Brazil’s safrinha corn crop was ~5% planted vs. 1% last year. Mato Grosso leads the way at 3.9% planted vs. 2.2% last week and 5.9% average.

 

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