Your Pro Farmer newsletter (February 11, 2023) is now available

USDA’s February Supply & Demand Report typically doesn’t offer much excitement — and this year was no different. USDA made relatively modest changes to its U.S. and global balance sheets, which will keep market focus on exports, South American weather and the upcoming U.S. growing season. While rainfall has improved across Argentine the past couple weeks, the country’s crop production estimates continue to decline amid impacts from the prolonged drought. Meanwhile, Brazil remains on course for record soybean and corn production, though soybean harvest delays will push a bigger-than-normal amount of safrinha corn planting past the ideal window. On the economic front, markets appear more confident than Fed officials on a quick drop in inflation. Some monetary policymakers warned the fight against inflation will last longer than expected and rates may have to go higher than the 5.0% to 5.25% range they projected in December. We cover all these items and much more in this week’s newsletter, which you can download here.