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Tidbits, Veg Oils, SAF, Corn Spreads, Broilers & Ethanol, Markets & Rain Days Update 2/2/23

Highlights


The Federal Reserve increased its base interest rate 25 basis points (one-fourth of 1%) yesterday as expected. The market acted like it was expecting a larger increase as the dollar index went sharply lower after the news and commodity prices recovered.

Brazil's soybean January exports were 850,000 mts, down 65% from a year ago. Rain every day is a problem at harvest time.

The U.S. ag attaché in Argentina slashed its estimate of the country’s soybean crop to 36 million mts (USDA at 45.5). That is 349 million bu. less than the USDA had plugged into the January S&D. The US soybean carryover this August 31st is projected to be 210 million bushels, which will meet the needs of the US for 18 days. In 2012, when the carryover was a 16 day supply, beans traded to $17.89 on September 4th.

December soybean crush was 187.4 million bushels; the market expected 188.0 million.

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