Beans posted a small loss overnight taking a break from its 3-day rally of over 60 cents a bushel. Corn and wheat were little changed heading into the morning break. In outside markets, crude oil was seeing big losses while the US dollar and equity futures were in positive territory.
Conditions will trend much drier for much of central and northern Argentina over the next 7 to 10 days. Some of the wettest locations from Cordoba east through Entre Rios will have plenty of opportunity to dry out. This will lead to improvements in crop conditions. Meanwhile, Brazil continues to have good conditions for crop development.
On Tuesday, NOPA released their crush estimate for member plants in December. Their report showed 160.2 MB of soybeans were crushed in December, falling well short of the 162.8 MB that had been expected. Stocks of soybean oil also ballooned to 1.434 billion pounds, above trade estimates of only 1.352.
In wheat news, Minneapolis wheat was sharply lower on Tuesday easing the white-hot spread to KC & Chi on heavy farmer sales. Overnight the Philippines bought feed wheat from Australia. Indonesia may see limited needs for importing wheat and corn feed grains as production there is up sharply on the year. Indonesia imported 2 MMT of feed wheat last year and 840,000 tonnes of corn.
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