INTL FCStone Cuts Brazilian Soybean Estimate Due to Drought Stress
Agricultural consultant INTL FCStone has revised its estimate for Brazilian soybeans production down by 4 MMT as drought concerns in the southern growing region become more serious. Their estimate now stands at 116.25 MMT of total bean production, compared to the USDA’s estimate of 122 MMT as of the December WASDE report. While planted acres have risen from the previous year, INTL FCStone claims that the high temperatures and lack of rainfall have likely hurt yields as soybeans generally are entering their pod filling stage.
European Union Continues to Import Corn At Record Pace, Remains Net Importer of Grain
Since the beginning of the crop marketing year in July, the EU has imported nearly 14.8 MMT of grain, compared to around 13.6 MMT of grain exports in the same time frame. The EU became a net importer back in mid-December for the first time in nearly a decade. Corn imports to Europe have continued at a record pace and now stand at 11.3 MMT. This figure is up by 48% from the previous year. Around 48% of EU corn imports come from Ukraine, which is not a member of the European Union, and another 32% are of Brazilian origin.
Light Precipitation Forecast for Western Corn Belt
The National Weather Service is calling for light “wintry precipitation” of snow flurries and possibly freezing rain for parts of E South Dakota and SW Minnesota. In E Iowa, there is a chance for some rain over the weekend that will be accompanied by high winds and possible fog in the mornings. Winter storm warnings remain in effect for parts of central Oklahoma and NW Texas where roads may see some ice accumulation.
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