Grain & Oilseed Mid-Session News Update
<div class=\"default-font-wrapper\" style=\"line-height: 1;font-size: 12pt; font-family: Verdana, Geneva, sans-serif;\"><p dir=\"ltr\" id=\"isPasted\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">Grain & Oilseed </span><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">Mid-Session News Update</span></p><br><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;\">QT News - Top News</span></p><br><p dir=\"ltr\" id=\"isPasted\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\"><strong><em>Breaking World News</em></strong></span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">**President Trump: said he came to an agreement with Mexico's President to pause tariffs for a month.</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">**Mexico's President said both sides have teams to work on trade and security issues, adding that agreements she outlined were made after call with President Trump</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">**Both Mexican and US President's agreed to keep dialog open, but no meetings currently scheduled</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">**As expected, OPEC+ ministers agreed to keep the path to gradually raise production starting in April, but decided to remove the US Energy Information Administration's data sources to monitor production, and ensure members adhere to supply agreements.</span></p><br><br><p dir=\"ltr\" id=\"isPasted\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline;\">CORN</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">**USDA Weekly Corn Inspections: 1,252,056 metric tons for w/e 01/30; expected 1,200,000 mt</span></p><br><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- On Monday, trade sources cited by reuters say Iran's state grain buyer set Tuesday, Feb 4th as the offer deadline in a tender seeking up to 120,000 mt of Corn. The grain is for shipment between March and April Origins accepted include the Black Sea region, Brazil, Europe, Russia and Turkey.</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- On Monday, trade sources cited by reuters say Iran's state grain buyer set Tuesday, Feb 4th as the offer deadline in a tender seeking up to 120,000 mt of Barley. The grain is for shipment between March and April Origins accepted include the Black Sea region, Brazil, Europe, Russia and Turkey.</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- On Monday, Brazil's 24/25 center south first season Corn harvest was 14% complete, according to analysts with AgRural</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- On Monday, Brazil's 24/25 center south second season Corn planting progress is 9% complete, according to analysts with AgRural</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- Argentina grain & oilseed export chamber estimated January's grain export sector grew 36% from the year earlier month, and rose 5% from December's pace.</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- Sinograin on Monday announced they will add new Corn stockpiling sites in northeastern China as they expand purchases of Corn harvested in the region.</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- US farmers will face challenges with Canadian potash based fertilizers after the imposition of import tariffs, according to German based K+S. The company ships around 300,000 mt of Canadian fertilizers to the US. Total US potash imports are estimated around 10.00 mln mt per year.</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- At their earnings call today, CEO of Tyson and other executives said they expect 2Q seasonal challenges in their beef, chicken, and pork sectors. They also noted they believe there the cattle market is at the bottom of a cycle, and improved US pastures will lead to increased herd sizes</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- CEO of Tyson Foods says the company has been planning contingencies for US sales of pork and chicken to Mexico over tariff concerns</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- Tyson Foods executives say they have not seen a change in work attendance at any of the facilities, nor have they had any ICE or immigration visits to their plants</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- In the Corn Belt, warm, dry weather from Missouri to Ohio contrasts with cold conditions and snow showers from parts of the Dakotas eastward into Michigan. Midwestern temperatures exhibit a marked contrast, with today’s highs expected to range from 10°F or below in North Dakota and northwestern Minnesota to near 70°F in the Ohio Valley.</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- In the South, very warm weather has developed in the wake of recent heavy rain. When the warmth arrived on February 2 across Texas, Waco reported a daily-record high of 82°F. Today’s maximum temperatures will reach or exceed 70°F as far north as the Tennessee Valley. The sudden warmth may make any crop damage from last month’s sharp cold blast more readily apparent.</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- The NWS 6- to 10-day outlook for February 8 – 12 calls for the likelihood of below-normal temperatures across large sections of the West, Plains, and upper Midwest</span></p><br><br><br><p dir=\"ltr\" id=\"isPasted\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline;\">SOY</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">**USDA Weekly Soybean Inspections: 1,013,292 metric tons for w/e 01/30; expected 825,000 mt</span></p><br><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- Ahead of today's monthly USDA soy crush report, analysts are expecting the US soybean crush during December at 6.53 million tons, that compares with November's 6.30 mln mt, and would be 6.6% higher than December 2023. The data will be released Monday, Feb 3rd at 2:00 pm CT. End of December 2024 soyoil stockpiles are forecast at 1.73 billion lbs, if that is realized it would be up +7.5% from November, but nearly -5.0% lower than December 2023</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- On Monday, trade sources cited by reuters say Iran's state grain buyer set Tuesday, Feb 4th as the offer deadline in a tender seeking up to 60,000 mt of Soymeal. The meal is for shipment between May and June. Origins accepted include only Argentina or Brazil</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- Celeres analysts Monday raised their 24/25 Brazil soybean production forecast to 174.0 mln mt up from the prior forecast at 170.8 mln mt</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- Brazil's Ag Rural on Monday estimated the 24/25 Brazil soybean crop at 9% harvested</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- Argentina grain & oilseed export chamber estimated January's grain export sector grew 36% from the year earlier month, and rose 5% from December's pace.</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- US farmers will face challenges with Canadian potash based fertilizers after the imposition of import tariffs, according to German based K+S. The company ships around 300,000 mt of Canadian fertilizers to the US. Total US potash imports are estimated around 10.00 mln mt per year.</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- On Friday, Strategie Grains analysts raised their EU 2025 rapeseed production forecast to 19.0 mln mt, up +300,000 mt over last month's outlook</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- On Friday, Strategie Grains analysts raised their EU 2025 soybean production forecast to 3.2 mln mt, up +100,000 mt over last month's outlook</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- On Friday, Strategie Grains analysts lowered their EU 2025 sunflower seed production forecast to 10.4 mln mt, off -100,000 mt from last month's outlook</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- Strategie Grains analysts attributed mild winter weather so far this season for good crop development, and said a shift to rapeseed will lead to lower sunflower production</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- In the Corn Belt, warm, dry weather from Missouri to Ohio contrasts with cold conditions and snow showers from parts of the Dakotas eastward into Michigan. Midwestern temperatures exhibit a marked contrast, with today’s highs expected to range from 10°F or below in North Dakota and northwestern Minnesota to near 70°F in the Ohio Valley.</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- In the South, very warm weather has developed in the wake of recent heavy rain. When the warmth arrived on February 2 across Texas, Waco reported a daily-record high of 82°F. Today’s maximum temperatures will reach or exceed 70°F as far north as the Tennessee Valley. The sudden warmth may make any crop damage from last month’s sharp cold blast more readily apparent.</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- The NWS 6- to 10-day outlook for February 8 – 12 calls for the likelihood of below-normal temperatures across large sections of the West, Plains, and upper Midwest</span></p><br><br><br><br><p dir=\"ltr\" id=\"isPasted\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline;\">WHEAT</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">**USDA Weekly Wheat Inspections: 252,637 metric tons for w/e 01/30; expected 350,000 mt</span></p><br><br><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- On Monday, trade sources cited by reuters say Iran's state grain buyer set Tuesday, Feb 4th as the offer deadline in a tender seeking up to 120,000 mt of Barley. The grain is for shipment between March and April Origins accepted include the Black Sea region, Brazil, Europe, Russia and Turkey.</span></p><p dir=\"ltr\" style=\"line-height:1.2;margin-top:0pt;margin-bottom:0pt;\"><span style=\"font-size:12pt;font-family:Verdana,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;\">-- IKAR analysts Monday noted at the end of last week, Russian wheat export prices on FOB terms were $239.00/mt for late February delivery, that was up $2.50/mt over the prev