In this file:
· The U.S. may import soybeans to address domestic supplies
· USDA Outlook Forum Expecting Increase in Corn, Soybean Acres in 2021, Tightening Supplies
· Corn Market Faces Pressure, Analyst Says
The U.S. may import soybeans to address domestic supplies
By Amie Simpson, Brownfield
February 18, 2021
USDA Chief Economist Seth Meyer says the U.S. may import soybeans to address tight domestic supplies this year.
“We may end up importing some— a small amount of this – but there are probably at some time very specific reasons for folks to want to do that in terms of establishing relationships with other folks should they need to import,” he says.
He says it’s not uncommon for the U.S. to import small amounts…”we often import small amounts of these products but at 90 million acres, under normal weather, it’s not something we’re going to have to do a lot of,” he says...
USDA Outlook Forum Expecting Increase in Corn, Soybean Acres in 2021, Tightening Supplies
By Ashley Davenport, Hoosier Ag Today
Feb 18, 2021
USDA opened its 97th Ag Outlook Forum on Thursday. During the opening session, USDA Chief Economist Seth Meyer presented USDA’s ag economic and foreign trade outlook. In the last year, Meyer says consumption has exceeded corn and soybean production, tightening stocks and supporting prices.
“But it hasn’t rationed export demand,” said Meyer. “Part of that is an expectation that Chinese demand for things like soybeans is an indication that maybe this hog herd is rebounding in the countries. This is one of the key elements that’s driven prices higher—smaller crops coupled with a spark in export demand.”
Last month, China made some of its largest purchases of U.S. corn in history. Meyer says what drove that purchase was the spread between internal prices and external prices.
“The difference is about $150 a metric ton,” he said...
Corn Market Faces Pressure, Analyst Says
Increasing Harvest in Brazil May Spark Increase Selling
By Terry Roggensack, Successful Farming
Agriculture.com - 2/18/2021
The corn market has closed higher in three of the past four trading sessions, but it still looks vulnerable to increased selling pressure if speculators make a move to lighten up on their hefty net long position.
While drier weather in Brazil (especially the southern part) this week will help boost harvest activity, traders see the two-week outlook for very little rain in Argentina as somewhat supportive. There are some concerns about soil moisture in provinces such as Cordoba, Santa Fe and Buenos Aires, as there is no rain forecast for the coming weeks.
A Reuters poll shows an average trade estimate for this year's U.S. corn planted area of 92.9 million acres with estimates ranging from 91.5-94.7 million, versus 90.8 million last year.
The corn market...
MARKET IDEAS ...