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AgFax Soybean Review: Brazil Ports Backed Up; New Research Helps Fight Soybean Root Rot

Ernst Undesser
By Ernst Undesser, AgFax Web Editor January 30, 2013

Markets/Trade

  • DTN analyst Darin Newsom reports that U.S. soybean futures posted a strong rally, carrying the other grain markets up with them.
  • MoneyControl.com reports that Indian soybean futures are expected to remain positive, though prices are marginally down lacking cues from the futures market. Soyoil is also down on weakness in the Rupee vs. the U.S. dollar.
  • Isis Almeida & Whitney McFerron report on Bloomberg that a record soybean harvest in Brazil is entering ports while corn is still being shipped out, creating a backlog of ships up to 35 days long.

Production

EARLIER THIS WEEK

Markets/Trade

Production

  • Tony Dreibus reports on Bloomberg that broker Allendale Inc. forecasts a 12% increase in U.S. soybean production in 2013. Planted acres are expected to increase by 1.5 million, while average yields are forecast improve by approximately 4 bushels per acre. Exports are also expected to jump 1.4%.

Policy/Regulations

  • KLJB FOX 18 News reports that the Iowa Soybean Association has joined with other farm groups in Iowa to push for an increase in the state’s fuel tax. The additional funds from the tax increase would be used to repair rural roads and bridges which haven’t seen funding and are costing farmers time and money in detours and damaged equipment.
Ernst Undesser
By Ernst Undesser, AgFax Web Editor January 30, 2013