STRONG Soy Crush + Farm Aid Package Still Missing

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CropProphet

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🌱 NOPA Reports November Soybean Crush Data 📊

The National Oilseed Processors Association (NOPA) released its November crush data, showing a decline in US soybean crush for the month. NOPA members processed 193.19 million bushels, a 3.4% decrease from the October record but a 2.2% increase compared to November 2023 🌾. Despite the drop from October, November’s crush was the largest on record for the month and the fourth largest ever for any month. Soybean oil stocks at the end of November increased to 1.08 billion pounds, up 1% from October but down 11% compared to last year’s stocks. Stocks also fell short of the average trade estimate of 1.12 billion pounds 📉.

⚖️ Farm Aid Negotiations Delay Stopgap Funding Bill ⏳

Negotiations over farm aid have delayed the release of the stopgap funding bill. Initially expected on Sunday, the bill's release has been postponed due to disagreements over economic farm assistance and other provisions. Speaker Mike Johnson is facing challenges due to a slim majority and conservative opposition as the government faces a shutdown deadline this Saturday 🏛️. Lawmakers from agriculture states are pushing for a one-year farm bill extension and additional funding for farmers affected by severe weather 🌾. GOP leaders are pushing for $12 billion in economic aid for farmers, and agricultural groups are urging that this be included in the final package 💼. Updates on this are expected to be released as early as today 📰.

💸 Brazilian Real Hits Record Low, Central Bank Takes Action 🇧🇷

The Brazilian real fell to a record low on Monday, leading the central bank to sell $1.63 billion in a dollar spot auction to stabilize the currency 🏦. Despite this effort, the real declined more than 1%, closing at 6.1351 per dollar 🌍. The central bank had also raised interest rates by 1% last week, with plans for two more hikes, but these measures have had limited impact due to rising government spending and inflation concerns 💰. Brazil’s president has shifted blame to the central bank for the country’s fiscal challenges and is defending the government's recent fiscal package 📉.

🌾 Brazilian Soybean Planting Nearly Complete 🇧🇷

Brazilian farmers have nearly completed soybean planting for the 2023/2024 season, with favorable rainfall boosting growing conditions across most of the country 🌧️. However, far southern areas have received excessive precipitation, which could impact those regions' crops 🌱. AgRural, a private agricultural group, is projecting that Brazil’s soybean crop will reach 171.5 million metric tons (mmt) for the season, up from previous forecasts 🌍.

📉 US Soybean Shipments Decline, Corn and Wheat Shipments Increase 🚢

US soybean shipments declined last week, with 1.7 million metric tons (62 million bushels) of soybeans inspected for export, a 3.5% drop from the previous week but an 18% increase compared to the same week last year 📦. Corn shipments were strong, totaling 1.1 million metric tons (44 million bushels), up 6.8% from the previous week and 18% higher than the same week last year 🌽. Wheat shipments increased to 298,075 metric tons (11 million bushels), up 20% from the previous week and 4.7% higher than last year’s shipments 🌾.