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Tidbits & Rain Days 02/07/2022

US soybean export sales last week were 40.3 million bushels for old crop and 32.4 million bushels of new crop. Only 12.8 million bushels of old crop beans needed each week to meet USDA’s export projections for the marketing year. Granted, most of US soybeans are shipped between September and January as bean sales usually drop-off to 5 to 10 million bushels per week by the end of November as buyers switch to the new crop beans in Brazil. The world’s soybean buyers think there is a very serious production problem in Brazil. Corn exports sales last week were 46.3 million bushels. Only 20.2 million needed each week to meet USDA sales projections. US corn export sales usually pick-up in the late winter and into the summer. Brazil, the world’s number 2 corn exporter, has been importing corn from Argentina for more than four months after last year’s drought was pretty rough on Brazil’s safrinha (second) corn crop. Former Minnesota farmer, Kory Melby, now an agriculture consultant in Brazil the last 21 years reported today:

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