As wheat has melted down and corn export sales remain dismal, corn futures appear to have convincingly broken out to the downside after trading in a 30-cent range in the past 16 days. The next target for March appears to be the open chart gap at $6.38 with solid support...
Canada's principal field crop production is estimated as the third-highest ever but is revised lower this month from the previous estimate based on the August model data. Rationing of demand for some crops will be a feature this crop year.
While the ethanol industry reacted enthusiastically to a multi-year Renewable Fuel Standard proposal covering 2023 to 2025, the biodiesel industry expressed disappointment with EPA's proposed volumes that don't match current production.
The export forecast for FY 2023, which runs from October 2022 to the end of September 2023, was lowered by $3.5 billion from the August trade forecast. Agricultural imports are forecast at a record $199 billion, a $2 billion in increase from the August forecast.
An increasing number of soybeans have failed to certify as U.S. No. 1 Yellow Soybean the past two years, but is that enough reason to justify changing the standards? Not if the U.S. wants to lose its soybean identity.
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