Tuesday February 13, 2024
- US Export Inspections
- Corn: Fell near top end of the range at 34.6mbu on the week. Mexico taking the number one taker of US corn.
- Soybeans: Exports came in at 48.7mbu, within the estimated range, China being the top destination. Exports are still well behind last year’s comparable 62.2mbu.
- Wheat: Came in at 15mbu on the week, overall shipments still running behind the USDA target of 33mbu.
- South American Update
- Ag Rural has increased forecasts for the Brazilian corn crop by nearly 5mmt to 91.2mmt this year. This is due to a higher than expected number in planted second corn crop acres.
- Ag Rural indicated that Brazilian bean harvest is running 5% ahead of last years pace.
- Argentina saw rains in the north over the past 24 hours, while the south remains drier.
- Russia Exports
- Russia continues to export wheat in February with a forecast of 3 million tonnes from 3.6 million tonnes in January 2024.
- Corn exports estimated at 700,000 in January with a decreased estimated for February of 500,000 tonnes.
- Ukraine intensifies competition for US corn as they are dumping corn on the world market.
- Ukraine’s Farm Ministry estimated 2024 corn planting down 9% from last year and spring grain planting down at 500k ha.
- South Korea’s KFA bought 68k tonnes of corn
- Jordan bought 60k tonnes of hard milling wheat
- The French Farm Ministry cut their 2024 soft wheat planted acreage estimate down from 11.1 to 10.8 million acres, down 8% from last year. Heavy fall rains slowed the planting rate, making it the second lowest number in the past three decades.