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Tidbits, Yemen, Estimates, Inflation, Export Sales, Markets & Rain Days Update 1/12/24

At 10 AM Mountain Time today, the USDA will release its final 2023 Crop Production, Quarterly Grain Inventory as of December 1st, Actual Planted Winter Wheat Acreage Reports and the USA and World S&D.

 

The market expects slight reductions in 2023 US corn and bean crops, larger corn inventory and a smaller bean inventory than a year ago, with South American production down slightly from last month, and less US winter wheat acres than a year ago. Our mailing yesterday had the average estimates and the range of estimates. 

 

Market will be closed Sunday night and Monday due to the MLK Jr. Holiday. It will open Monday evening.

 

Highlights


Late yesterday it was reported the US and the UK launched cruise missiles and carrier aircraft strikes on ground installations on Yemen’s Houthis. Other nations reportedly were “helping.”

There is rumor that a US Navy ship was attacked and damaged.

 

The two big questions are:

How will Iran respond?

How will Putin respond?

 

Private Consulting Agency Patria Agronegocios reduced their estimate of Brazil’s soybean crop to 143.18 mil. mts, down from their previous estimate of 150.7 mil. mts.

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