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One Clear Winner   Brazilian soybean production expansion appears to be hitting the wall. Every year they have planted more area and expected higher yields. CommStock estimates this year’s Brazilian production will be 145 mmts compared to 154.6 mmts last year. Remember they started out looking for larger production this crop season so the turnaround has been dramatic. Profitability has been lost so the trend to grow more acres each year has potentially hit a wall.   The US has essentially conceded soybean export growth to Brazil. However, Brazilian soybean exports are likely to get curtailed below projections by less supply which could be made up by the US or Argentina. In the US the soybean industry has turned to domestic consumption for its demand growth. There has been a lot of hype and a lot of forecasts for expanding the domestic crush using soy oil as the feedstock for biofuel. Domestic soybean demand growth has been driven by a desire to reduce petroleum dependency transitioning to low-carbon renewable fuels.   The National Oilseed Processors Association (NOPA) released February crush data last Friday.  NOPA members processed 186.2 million bushels of soybeans in February, up 0.2% from January and 12.6% from…

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