Friday February 9, 2024

Flash Sales:

  • Exporters sold 200k tonnes of corn yesterday to Colombia for 23/24 delivery

StatsCan Stock Estimates 

  • Total wheat stocks were seen down 10% year-over-year at 20.6mmt. On average with trade estimate but down from 2022 which sat at 23.06mmt.
  • Canola stocks came in below the trade guess of 13.0mmt to at 12.85mmt but sit still up from a year ago which was 12.68mmt.  
  • National corn on-farm stocks for Dec 31, 2023 down 7% to 7.20mmt, commercial stocks have little change and sit at 4.094 million
  • Ontario’s on-farm storage of soybeans sits at 1.16mmt vs 1.14mmt on Dec 31, 2022.

USDA report

  • US soybean exports reduced by 35mbu, soybean carryout sitting at 315mbu resulting in the largest US carryout in 4 years.
  • Marginal cuts in demand for both US corn and wheat.
  • USDA raised 2023-24 ending stocks for all three major US crops.
    • Corn: 10 mbu reduction to corn domestic usage 
    • Soybeans: deduction of exports by 35mbu
    • Wheat: food usage was cut by 10 mbu
  • World Carry-outs
    • Corn stocks fell by 3.2 million tonnes 
    • Soybeans higher by a due to higher carry-in
    • Wheat fell slightly due to higher food usage offset by lower domestic feeding.

General Comments

  • Ukraine’s Ag Minister indicated 2024 panted acreage is expected to be similar to last year.