Tuesday February 20, 2024

Brazilian News
AgRural reported that Brazilian soybean harvest is 23% complete as of Thursday vs 25% compete at this point last year.
On Friday reports were released that the Brazilian 23/24 corn production will be down to 125.9mmt compared to 140.0mmt from last year. This decrease in production is caused by a 6.2% decline in planting, overall this production number is still above the USDA estimates of 124.0mmt for February.
Large grain inventories. The largest farm coop in Brazil, started this year off with 50% more grain stocks than the year before. The large carryover is mostly likely the result of the large 2023 crop and limited farmer sales.

Global Exports
Corn: running ahead of last years pace by 13.4% through mid-February. The USDA has pegged the global exports as increasing by 9.5% from 22/23 to 23/24
Soybeans: running behind last years pace by 5.44% through mid-February. Global exports are estimated to lower by 0.8% from 22/23 to 23/24.
Wheat: running behind last years pace by 6.2% through mid-February. USDA lowered exports by 1% from 22/23 to 23/24.