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USDA Report Due Today 📊
USDA's monthly Crop Production and WASDE report will be released today at 11am CST, with slight reductions expected in US corn and soybean ending stocks. Global estimates for corn and soybeans, as well as Brazil and Argentina crop forecasts, are also anticipated to be adjusted. This is the old crop report; the first official 25/26 balance sheets will come in May. 🌾📉

Brazil’s Soybean Harvest Lags 🌱
Brazil's soybean harvest is behind last year’s pace, with only 15% of the crop harvested compared to 23% last year. The delay could affect the planting of Brazil’s second corn crop, with planting in the south-central region at only 20%. 🚜

Brazil’s Inflation Hits 6% 📈
Brazil’s inflation forecast for the coming year has been revised up to nearly 6%, marking the 18th consecutive upward revision. High inflation is linked to elevated government spending and low unemployment. Analysts predict interest rates may reach 15.25% by June. 💸

Russia Cuts Wheat Forecast 🥖
Russian consulting group IKAR lowered its wheat production and export estimates due to freezing temperatures. Wheat exports are projected at 43mmt, down from a previous forecast of 43.5mmt. The decline reflects adverse weather and low stock levels. 🌾❄️

Trump’s Tariffs on Steel & Aluminum ⚒️
President Trump imposed 25% tariffs on steel and aluminum imports, affecting all U.S. trading partners. These tariffs will impact various sectors, including automobiles and construction. Trump cites trade deficits and revenue generation as reasons for the move. 🇺🇸🔨

USDA Flash Sale of Corn 🌽
US exporters sold 365,000mt (14mil bushels) of corn to Mexico for delivery during the 2024/2025 marketing year. This brings accumulated corn sales up by 28% compared to last year. 🌽🇲🇽

Record Number of H-2A Visas for South African Workers 🌍
The U.S. issued a record number of H-2A visas to South African farm workers last year, with 15,159 permits granted. This marks a 19% increase from the previous year. Mexico remains the top recipient of these visas. 🛂

Strong US Corn Shipments 🚢
US corn exports were strong last week, with 1.3mmt (53mil bushels) inspected for export, up 49% from the previous year. Wheat shipments exceeded expectations, rising by 112%. However, soybean shipments were down 22% from the same week last year. 📦