Wednesday February 7, 2024

Corn Values, Weather, and Wheat Ratings

• Corn values hit there lowest since December ’20.
• Brazilian corn planting still ahead of pace at 27%.
• Soybean markets are being weighted down by the prospect of Brazilian beans remaining cheap enough to work into the southeastern US. The US crush expansion is not happening quick enough to help offset the slow exports. 
• Weather
  • Brazil still seeing favorable conditions, southern areas will see dry weather over the next week, though long-term forecast offers rain. 
  • Argentina still remains too see scattered rainfall.
  • Russian weather is a potential issue. In the north some of the crops are still frozen and in the south temperatures are much above normal promoting early growth.
• Ratings in TX improved this week with those fields that were previously rate G/E moved from 42% – 46% and those that rated P/VP decreased from 26% to 30%.
• Ukrainian seas exports are on par with pre-war levels. Jan’s grain shipments out of the Odesa port reached 6.3mmt.