USA: 3 big things today, February 28, 2023

Published 2023년 2월 28일

Tridge summary

Soybean futures have dropped in overnight trading due to increased supply from Brazil, the world's largest exporter. Brazilian farmers are expected to produce a record 153 million metric tons of soybeans this year, leading to projected exports of 92 million metric tons. In contrast, U.S. production and shipping are projected to decrease. Dry weather in Argentina has caused extensive damage to its soybean crop, while the southern Plains are experiencing extremely dry conditions with Red Flag and high wind warnings. Additionally, inspections of corn and beans for offshore delivery have declined week-to-week, while wheat assessments have increased.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

1. Soybean Futures Drop in Overnight Trading Soybean futures plunged in overnight trading as the harvest in Brazil, the world's largest exporter, increases the amount of available supply globally. Brazilian farmers are now a third of the way through the harvest, consultancy AgRural said. Growers in the South American country are expected to produce 153 million metric tons of soybeans this year, according to the U.S. Department of Agriculture. If realized, that would be up from the 129.5 million tons produced a year earlier and the country's largest crop on record. Exports from Brazil are projected at 92 million metric tons, up from 79.1 million tons a year earlier. The U.S., by contrast, will produce 116.4 million metric tons and ship 54.2 million tons of soybeans this year, USDA said. That would be down from 121.5 million tons and 58.7 million tons, respectively. The weather in Brazil was mixed last week as the state of Mato Grosso was somewhat dry while Parana was extremely wet, ...

Source: Successful Farming