Updated on 2/22/2018
Near the break this morning corn is unchanged, wheat is down only slightly and beans are lower by 3 ¾ cents.
U.S. Dollar index down only 50 points this morning.
USDA’s Ag Outlook Forum is scheduled for today and tomorrow.
The Rosario grains exchange slashed its forecasts for Argentina’s drought-hit corn and soybean crops by 4.9 mmt to 35.0 mmt for corn and by 5.5mmt to 46.5 mmt for beans.
Argentina was dry again yesterday and rains will stay in far western areas through Monday, though most corn and soybean areas will remain dry; there are better chances for the northern half of growing areas now for the 6-10 day.
Russia’s ag consultancy IKAR estimated their wheat exports at 37.5mmt, up 900tmt from their last estimate.
Weekly Export Sales will be released tomorrow due to Monday’s holiday.
Chart of the Day
The initial USDA acreage estimates for 2018 stand at 91.0 million acres each for corn and soy, and trade estimates (somewhat for this week’s Ag Outlook, more indicative long-term) have the market looking for a reduction in corn plantings in particular-at least at some point. Roughly 90 million corn acres in Feb would be the third straight from the USDA, while Feb bean plantings will almost surely be the highest initial projection on record; both crops have varied in either direction—without trend—in recent years.