Ag markets saw a huge reversal on Thursday after starting with strength. Brazil’s agricultural research and supply company CONAB revealed their new crop production estimates early Thursday. Their Brazil soybean production estimate is down 15 mmt (551 mb) from the previous estimate just one month ago. Brazil soy production was dropped to just 125.5 mmt (4.61 bb) and is 8.5 mmt below that of the February WASDE. Already embroiled in a weather and demand-led bull move, that sent corn and the soy complex to new highs, before midday selling led to a sharply lower close. Livestock were in the same boat as they started higher and reversed lower.
Farm and Ranch Director Jesse Allen has our closing market report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
Also, more analysis with Jesse Allen and Bryan Doherty of Total Farm Marketing on Market Talk below:
https://open.spotify.com/episode/4RDF3z9x6fQ28v6vH9EiVw?si=Fk0__iQWTWOIhlJbTJJOBQ
