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.