Brazilian Planting Continues at Record Pace, Argentine Corn Nearly a Third Planted
The Brazilian soybean crop now stands at 82% planted, which remains the fastest pace on record and is 9% higher than this time last year. The weather forecast calls moderate rainfall totals in E and NE Brazil which may delay planting. Some of the earliest planted beans in Brazil could be harvested in less than 30 days, or just before Christmas, also a record early harvest. This could lead to the first export cargoes of soybeans leaving Brazil sometime in mid-Jan. Further south in Argentina, the corn crop is 36% planted and soybeans are 22%. The Buenos Aires Grain Exchange estimates planted area for soybeans at 44.2 mil acres and corn at 14.3 mil acres, increases of roughly 500,000 acres and 750,000 acres respectively.
Export Sales Announcement
Private exporters reported to the U.S. Department of Agriculture export sales of 120,000 metric tons of soft red winter wheat for delivery to Egypt during the 2018/2019 marketing year.
Chinese Import Data Shows Brazilian Imports of Soybeans Nearly Doubled In October
During the month of Oct, Chinese customs showed that nearly 6.53 MMT of soybeans were imported from Brazil, roughly doubling the amount imported during Oct 2017 of 3.37 MMT. Also during Oct 2018, China imported only 67,000 MT of soybeans from the US, compared to 1.33 MMT in Oct 2017. The USDA reports that accumulated exports of soybeans are down 42% since the beginning of the crop marketing year on Sep 1 and sales to foreign buyers are down about 33%.
Winter Storm Warning Issued for N Illinois and Much of Michigan
The National Weather Service has issued a winter storm warning for Midwestern states near the Great Lakes. The warning will be in effect until 9 AM CSTl this morning. The NWS warns that the Chicagoland area and N Illinois should expect 8 inches of snow and as much as a foot in some areas. Strong winds are also forecast. In Michigan, much of the state is under a winter storm warning as well. Areas in the Thumb and near Detroit should expect 5-8 inches of snow and winds up to 30 mph.
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