StoneX revised their Brazilian soybean production down 7.5 million mt to 126.5 million. The market is starting to pencil in that the US will probably pick up an additional 150 to 200 million bushels of exports. That would take the US carryover down to a 13 or 14 day supply. Currently, the USDA predicts the carryover would be large enough to meet the needs of the USA for 29 days.
Russia’s Gazprom announced it will double natural gas passing through Ukraine pipelines to the European Union in February compared to January. Natural gas prices fell out of bed in Europe.