February WASDE & Conab update this morning

Corn and soybeans traded a little stronger overnight in anticipation of today’s WASDE release. Conab released new estimates this morning and they bumped Brazil’s soybean production to 152.9 up 0.2 MMT while cutting total corn production to 123.7 MMT down 1.4. The cut was due to planting delays for the safrina corn crop as rains have slowed soybean harvest. Much of the safrina corn crop ideally needs to be planted by March 1st before they can expect lower yields. For the USDA report, we expect the USDA to cut Argy production and that will be the biggest change to their numbers. We expect the Brazilian crops to be left alone and the US numbers to be close to unchanged as well unless they get frisky and decide to trim corn exports again. For today before the WASDE release, we will use 6.72 & 15.10 as support and 6.88 & 15.38 as resistance. This just in: The Rosario Grain Exchange cut their Argy soybean estimate to 34.5 MMT which is the lowest estimate so far. NFC Grain Comments Options -2.8.23 (1)

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