USA: 3 big things today, February 28, 2023

Updated Mar 1, 2023
Soybean futures were lower in overnight trading while corn futures and wheat futures were little changed.
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, ...
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