PDF attached

 

Good
morning.

 

US
Fed meets today. Traders are looking for a 25-point rate hike on Wednesday. Global economic concerns are pressuring many commodities this morning. The USD turned lower, WTI crude oil lower and US equity futures now higher. Soybeans and products are lower this
morning after seeing a large rally on Monday. Losses could be limited for soybeans from the slow start to Brazil’s soybean harvest.  5 percent had been collected as of last Thursday, half the pace at this time last year. Soybean meal is seeing some light technical
correction after prices traded near an 8-year high yesterday. CBOT corn and wheat are lower from weakness in US energy markets and widespread commodity selling. 

 

 

 

Weather

The
US weather forecast is unchanged. Part of the lower US will see widespread precipitation this week, including southeastern OK, and central/eastern TX today through Thursday, before drying down. The Midwest will see a winter storm bias ECB. Brazil will see
rain, delaying soybean harvest progress.  Rain will fall across Argentina’s La Pampa today, and Cordoba, Buenos Aires, south Santa Fe, south Entre Rios Wed-Fri. Dry Sat.

 

Map

Description automatically generated

 

World
Weather, INC.

WORLD
WEATHER HIGHLIGHTS FOR JANUARY 31, 2023

  • Argentina
    rainfall will be restricted in the next two weeks, although totally dry weather is unlikely
    • Northeastern
      areas will be driest and will experience little to no rain for ten days
    • Western
      and southern crop areas will get some rain Wednesday into Thursday with 0.40 to 1.50 inches and locally more resulting
  • Brazil
    will continue to see restricted rain in the far south and northeast for a while longer while rain occurs in most other areas
    • Some
      areas of center west and southern parts of center south Brazil will continue a little too wet with a need for drying
  • U.S.
    hard red winter wheat areas will not see much moisture outside of Oklahoma and north-central Texas for a while
  • U.S.
    Delta and southeastern states will experience frequent precipitation over the next ten days keeping the ground wet
  • U.S.
    northern Plains and Canada’s Prairies will see restricted precipitation for a while longer
  • Another
    bout of cold air will reach North America Wednesday into Friday, but no crop damaging cold is expected in any key wheat production region
  • North
    Africa still needs greater rain in Tunisia and southwestern Morocco, but drying is likely for a while
  • No
    threatening cold is expected in Europe or Asia over the next ten days
  • Rain
    will develop in China’s rapeseed region later in the coming week to ten days maintaining good soil moisture
  • India
    winter crops will need greater rainfall in February to support the best production potential
  • Eastern
    Australia rainfall will be erratic, but there will be some benefit to unirrigated sorghum and cotton

Source:
World Weather and FI

 

Bloomberg
Ag calendar

Tuesday,
Jan. 31:

  • Malaysia’s
    January palm oil export data
  • EU
    weekly grain, oilseed import and export data
  • US
    cattle inventory, 3pm
  • US
    agricultural prices paid, received, 3pm

Wednesday,
Feb. 1:

  • EIA
    weekly US ethanol inventories, production, 10:30am
  • USDA
    soybean crush, DDGS production, corn for ethanol, 3pm
  • HOLIDAY:
    Malaysia

Thursday,
Feb. 2:

  • USDA
    weekly net-export sales for corn, soybeans, wheat, cotton, pork and beef, 8:30am
  • Port
    of Rouen data on French grain exports

Friday,
Feb. 3:

  • FAO
    World Food Price Index
  • FAO
    Cereal Supply and Demand Brief
  • ICE
    Futures Europe weekly commitments of traders report
  • CFTC
    commitments of traders weekly report on positions for various US futures and options

Source:
Bloomberg and FI