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🌽📈 Market Highlights: Corn Rally, Meat Advocacy at COP28, and Soybean Sales Surge 🥩🌍

🌽 Corn Futures Surge:
Corn futures witnessed a rally on Thursday, with the Mar24 contract gaining 7 cents per bushel, and the Dec23 contract, now in delivery, seeing a 12-cent increase. The market was buoyed by robust weekly US export sales, making US corn more competitive in the global market. The Dec24 contract maintained a trade above $5 per bushel this week.

🥩 Meat Advocates at COP28:
Major meat companies, including JBS, plan to advocate for meat as environmentally beneficial at COP28, the UN climate change conference. The focus is on promoting meat as sustainable and highlighting carbon-friendly production practices. While the conference emphasizes the impact of methane from agriculture on climate change, the EPA notes that agriculture contributes only 18% of global greenhouse gas emissions, compared to the energy sector's 73%.

🌱 Brazilian Soybean Crop Outlook:
Consultancy firm Patria projects a decline in Brazil's soybean crop to 150.67 million tons, down from last season's 154.1 million tons. This reduction is among the most significant cuts by any private group this season. Patria also lowers its estimate for Brazil's second corn crop to 82.45 million tons, an 18 million-ton decrease from the previous season.

📊 Strong US Export Sales:
US corn export sales were robust last week, hitting a marketing-year high with net sales of 1.9 million metric tons (76 million bushels). Net soybean sales surged by 97% from the previous week, totaling 1.9 million metric tons (70 million bushels), with China as the leading buyer. Wheat sales also increased notably, reaching 622,800 metric tons (23 million bushels), with China as the primary wheat buyer.

🌱 Flash Sale of US Soybeans:
On Thursday, the USDA reported a flash sale of 134,000 metric tons (5 million bushels) of US soybeans to China for delivery during the current marketing year. Despite this, the accumulated book of US soybean export sales is running 17% below last year's pace.

📈 Stay tuned for more market insights! #CornRally #MeatAdvocacy #SoybeanSales #GlobalMarkets 🌐🌾