USDA reported yesterday morning:
233,700 mts of old crop soybeans sold to unknown
66,000 mts of new crop soybeans sold to unknown
Much of Brazil’s time zone is three hours ahead of the Central Time Zone. At 9 AM their time, yesterday CONAB reported its estimate of Brazil’s soybean crop at 125.471 million mt, much less than the market expected and well below USDA’s estimate of 134 million mt issued Wednesday. That shot beans 25 to 30 cents higher. CONAB sees the corn crop at 112.34 million mt, down slightly from their January estimate of 112.9 million mt and well below USDA’s 114 million mt on Wednesday.
Buenos Aires Grain Exchange (BAGE) cut its forecast for the Argentine corn production by 6 million mt to 51 million mt. USDA was at 54 million mt Wednesday.