U.S. #corn inspections were the worst for the week since 2016 (during the 2015/16 marketing year). The sustained increasing trend, usually seen starting in at least January, has not yet happened this season.
+++++++++++++++
#China last week made it's largest purchase of U.S. #corn since May, though that volume was comparably small vs the buying seen in the last 2-3 years. China has often bought U.S. corn in chunks, i.e. in consecutive or nearby weeks, so stay on the lookout for more possible sales.
U.S. #wheat inspections stayed on an upward trend all through January. The latest volume of 536kt is the strongest since early October and is actually a bit above average for the week - despite exports seen reaching 51-year lows this marketing year.
CFTC's Commitments of Traders data, normally out Friday afternoons, is delayed due to a ransomware attack that has prevented some positions from being reported.
Feb. 3: Most-active CBOT #soymeal pushes above $500 per short ton for the first time since June 4, 2014. Meal has traded above $500 in only 38 other sessions (9 in 2014, 29 in 2012).
Area harvested under Russia's major grain & oilseed crops has risen 1.5%/year on average in the last 5 years vs just #soybeans in Brazil at +4.3% Russia's crop area was twice as large as Brazil's soy around 2010, but now it's only 30% larger
#Ukraine's farm ministry is unhappy that #sunflower seed exports have surged, harmful to Ukraine's sunoil refining industry. Ukraine used to supply 50%+ of the world's #sunoil exports, but USDA estimates predict #Russia narrowly takes over as top exporter in 2022/23.
++++++++++++++++
Here's where #sunflower seed is grown in both #Ukraine & #Russia. USDA crop estimates consider the traditional borders, so Russia's crop increase (per USDA) probably wouldn't include occupied Ukrainian land. Fighting has occurred in some key Ukrainian sunseed oblasts.
·
Barley, oats, millet, rye - #Russia's four major crops that have lost area in the last two decades, making way for the increase in crops like oilseeds, corn & wheat, though wheat has made by far the smallest gains by %.
Some news from last week below:
#Ukraine says its 2023 grain harvest may total 49.5 million tonnes, down from 51 mmt in 2022 and a record 86 mmt in 2021. Some Ukrainian-based analysts believe it could fall below 40 mmt.
+++++++++++
High #beef prices may be sticking around for U.S. consumers as the country's beef cow herd has hit a 61-year low. Last year's drought reduced available grazing pasture and raised feed costs, and the shortage could take at least a couple years to correct.
