Corn is down 3 and soybeans are up 3 to start the day.
AgRural reported Brazilian center-south corn planting at 27% complete, up 11% on the week and the fastest pace since record began in 2013. The soybean crop is 16% harvested, up five points on the week.
Rains fell in southern Argentina yesterday but fill in to almost all crop areas through Saturday; forecasts are wetter north/drier south for the 6-10 day. Brazil saw some widespread rains over the past 24 hours, and more is on the way over the next five days, with the best chances shifting west/south for the 6-10.
We will get the February WASDE report on Thursday the 8th at 11am. This report is usually uneventful from a domestic standpoint and the trade doesn’t expect to see any major changes in the US demand picture.
Thursday will also bring CONAB’s report on the latest Brazilian numbers. Both CONAB and the USDA remain much higher than many in the trade for the Brazilian soybean production numbers. It will be interesting to see if either one of them adjust lower on Thursday.
Have a safe day!