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Tidbits, Soybeans, Markets & Rain Days Update 5/1/23

Highlights


The FDIC had a goal to get the failing First Republic Bank merged with another bank before the Asian markets opened Sunday night at 10 PM Eastern. That did not happen. At 10:58 PM Eastern, the FDIC announced they expected to have an announcement of a merger (buy out) later this morning.

American journalist and White House insider, Clayton Morris, reported the Biden administration is afraid of the consequences of an unsuccessful Ukrainian offensive and is urging Ukraine to begin peace talks. The Biden administration is already preparing to focus on China and “leave the unstable Ukraine.” Does that mean the end of US financial aid is near? We highly doubt that.

After a long season of weakening prices for urea in Brazil, prices for nitrogen fertilizer, urea prices increased by US$20 per mt last week to US$ 330 per mt. Some sellers were quoting US$350.

Argentina's 2023 soybean crop was the biggest disappointment in Argentine history. Going from expected 51 million mt to 22.5 million mt as measured by Buenos Aires Grain Exchange, a drop of 56%. USDA went from 51.0 to 27.0 million mt.

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