Brazil weather and a new production estimate is discussed

Moderately higher trade was noted for soybeans. January is the official start to Brazil's yield determination period and the forecast currently shows no big improvement for the far Southern states. Traders also noted the first official low production number for Brazil was released today. On the other hand, current export bids strongly favor Brazil now. Additionally, Thursday's US export sales report would be considered the first disappointment in some time. Today's settlement is 29 cents off the 12/28 peak.

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