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Canada Know-Risk Market Outlook | Argentina Raises Corn & Soybean Production Estimates

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Canada Know-Risk Market Outlook
 
Craig Turner
Office: 312-706-7610
Twitter: @Turners_Take
Podcast: Turner's Take Podcast
Network: LinkedIn
 
Weather | N. American temperatures are about to get very cold.  Luckily the US Midwest and Plains received snow over the past week and will help prevent winter kill.  Brazil received some rain yesterday and could get scattered showers over the weekend. The 6-10 day looks dry.  Argentina had widespread rain yesterday and will have chances of rain over the weekend.  The 6-10 day is dry too except for N. Argentina.
 
Grains & Oilseeds |  The Rosario Grains Exchange yesterday raised their 2023/24 Argentine corn estimate from 56 to 59 MMT, with soybeans up from 50 to 52 MMT. Argentina is in the midst of having a record crop!  Keep in mind many analysts have taken down Brazil's soybean production from 165 MMT to 155 MMT since the beginning of the season.  While Argentina's crop is getting bigger, it only partially helps the losses in Brazil.  
Chinese crush margins are back to positive and they are still buying soybeans from Brazil. This is not a good sign for US soybean exports or Canadian canola.  US Weekly Exports Sales were announced this morning.  Corn was in range of expectations but both soybeans and wheat were well below expectations. MPLS HRS export sales at 3.2 mm bushels was the lone bright spot for wheat.
Tomorrow is the Jan WASDE where anything can happen.  The big numbers to watch are US old crop production, S. American new crop production, winter wheat seedings, and corn quarterly stocks.  The report will be released tomorrow at 11am CT.
Related tags: Grains & Oilseeds

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