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Rough few days for markets

NORMAL – Grain markets weren’t off to a very good start in 2023 after the first few days of trading.

As of Friday, there were three strong down days and we will see if markets start to stabilize now. We continue to watch the South American weather forecasts, particularly for Argentina.

“They still remain in the critical stage as far as getting the crop in the ground,” Curt Kimmel of Ag told The Central Illinois Farm Network on Friday.

There are fears some acres in Argentina may not get in because it is just too dry there. Informa came out with Argentina soybean production at 40 million metric tons. Last year the number was 43.9 MMT but USDA is up to 49. Brazil is in better shape.

March soybeans were up over 20 cents on Friday with some support on this news.

Corn exports typically don’t pick up until after the first of the year and there are concerns over ethanol here in the U.S.

“I think feed demand remains fairly strong,” added Kimmel.

Kimmel feels the cattle market is going to be something to watch going forward with bullishness.


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