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Brazilian Soybean Crop Estimate Increased
Conab, Brazil’s version of the USDA, has raised its estimate for the 2023/2024 Brazilian soybean crop to 166.2mmt, up slightly from its previous estimate and 12.5% higher than last season. Favorable growing conditions have boosted both planting progress and crop development. As of December 1, 90% of the expected soybean area had been planted. Soybean acres are projected to expand by 2.6%, reaching just over 117 million acres this season.
US Soybean and Corn Export Sales Disappoint
US soybean and corn export sales were disappointing last week, with soybean sales falling well below expectations at 1.2 million metric tons (43 million bushels), a 49% drop from the previous week and 42% below the 4-week average. China was the largest soybean buyer for the week. Similarly, corn sales were also below expectations, at 946,900 metric tons (37 million bushels), a 45% decline from the previous week and 32% below the 4-week average. Colombia was the largest corn buyer. Wheat sales also lagged, totaling 290,200 metric tons (11 million bushels), 23% lower than the previous week.
Canada’s Potential Retaliation Against US Tariffs
Canada is considering export taxes on key commodities, such as uranium, oil, and potash, if President-elect Donald Trump imposes broad tariffs on Canadian imports. Canada is the largest foreign supplier of oil to the US and a key exporter of uranium for US nuclear plants. It also supplies potash, which is crucial for US agriculture.
US Agriculture Sector Discusses Policies with Trump’s Team
The US agriculture sector is engaging with Donald Trump’s team to address concerns over his proposed policies, particularly around tariffs, trade, and immigration. Some agricultural groups are pushing for the expansion of the H-2A visa program to meet labor needs. There’s also a call for China to honor its commitment to purchase $50 billion annually in US agricultural products, as per the Phase One trade agreement. However, concerns remain about Trump’s tariffs, with many industry groups fearing negative impacts on trade and the broader economy. Similar to his first trade war, Trump is expected to provide financial aid to farmers to offset potential losses.
Summit Carbon Solutions Gets Approval for Pipeline
Summit Carbon Solutions has received approval from the Minnesota Public Utilities Commission to build 28 miles of carbon capture pipeline running from the North Dakota border to an ethanol plant in Fergus Falls, Minnesota. Construction is set to begin in 2026, pending finalization of right-of-way agreements with landowners along the route. Summit has already received permits in IA and ND and is reapplying in SD after initial rejection.
USDA Drought Monitor Data
The latest USDA drought monitor shows that drought conditions remain prevalent across the Corn Belt, with limited precipitation last week. Drought conditions worsened in portions of Illinois, Indiana, and Missouri, while conditions were mostly unchanged in other areas, including the High Plains. Notably, western Kansas saw an expansion of drought conditions. As of the most recent data:
57% of corn is affected by drought.
51% of soybeans are experiencing drought stress.
29% of winter wheat and 33% of spring wheat face drought.
41% of cattle are impacted by drought.
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