February WASDE Estimates

Brazil Soybean Estimates Continue to Fall

Corn, wheat, and soybeans will need to have trendline yields or better to get ending stocks back to adquate supply levels

The January WASDE was bearish SRW wheat due to an increase in acres and bullish soybeans as global stocks declined

Grains and oilseeds are bullish on S. American weather concerns while the Fed minutes were much more hawkish than expected

The CBOT wanted to go higher on adverse S. American weather but many markets were pressured lower due to omicron shutdown concerns

The USDA's Dec WASDE was bearish wheat, neutral corn, and bullish for soybeans

In this week's podcast we go over what Fed Chairman Jerome Powell meant when he told Congress inflation is no longer transitory.  If inflation is not transitory then it is structural.

Global exporter stocks of both wheat and corn remain tight. Inflation and historically low stock/usage levels keep grain prices elevated

The November WASDE surprised traders by reducing the soybean yield 0.5 bpa to 51.2. The lower production offset weaker soybean exports and kept ending stocks steady