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Record Soybean Crush in December: 🌱🏭 The National Oilseed Processors Association (NOPA) reported that its members processed 195.328 million bushels of soybeans in December, marking the largest soybean crush for any month on record. This December soybean crush was up 3.3% compared to November and 10% higher than the same month in the previous year. End-of-month soybean oil stocks also increased, reaching 1.360 billion pounds, the highest since September. While stocks rose by 12.1% compared to November, they were down 24% compared to December 2022.

Increased Soybean Shipments: 🚢🌱 US soybean shipments saw an increase last week, with 1.3 million metric tons (46 million bushels) of soybeans inspected for export during the week ending January 11. This represents a 22% increase compared to the previous week but a 42% decrease compared to the same week last year. Corn shipments, on the other hand, declined by 20% compared to the prior week, totaling 875,621 metric tons (34 million bushels), while wheat shipments were reported at 234,205 metric tons (9 million bushels), down 53% from the previous week and 28% lower than the same week last year.

USDA Flash Sale of Corn to Mexico: 🌽🇲🇽 US exporters made a flash sale of corn to Mexico, selling 126,700 metric tons (5 million bushels) of corn for delivery during the current marketing year. This marks the second flash sale of corn to Mexico in the past week, totaling 301,700 metric tons (12 million bushels).

Lowered Brazilian Soybean Estimates: 🇧🇷🌱 Aprosoja Brasil, a Brazilian farmer lobbying group, has lowered its forecast for Brazil's soybean crop to 135 million tons due to hot and dry weather conditions, as well as heavy rains disrupting harvest. This estimate is significantly lower than Conab's projection of 155 million tons and the USDA's estimate of 157 million tons. The adjustment in crop prediction has impacted soybean futures.

Strong Forecasts for Argentina: 🇦🇷🌽🌱 Argentina's soybean and corn crops are expected to yield exceptional results due to ample rainfall. The Rosario grain exchange anticipates that these forecasts will continue to rise. Currently, the exchange projects Argentina's corn crop at 59 million tons, set to be a record-high, and its soybean crop at 52 million tons, the highest since 2019.

Iowa Farmers' Support for Trump: 🗳️🚜 Farmer support in Iowa played a pivotal role in Donald Trump's win in the Republican nomination on Monday. Despite concerns about the potential re-ignition of a trade war with China, farmers in Iowa continue to back Trump. A recent poll indicated that 39% of farmers across the nation support Trump, highlighting the continued loyalty of farmers to the former president, who provided significant financial assistance to farmers during his time in office.

These developments reflect the dynamic nature of the agricultural industry, with factors like processing records, export changes, and political support influencing the market. 🌾📈🌎