Friday February 9, 2024

Flash Sales:

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.