Wednesday February 21, 2024

• Flash Sales: Tuesday morning, 155k mt of corn to Japan and 228k mt of soymeal to the Philippines

• Export Inspections
  • 36.2mbu of corn was shipped on the week, in line with the USDA expectations. Soybeans shipments came in at 43.6mbu, just ahead of the USDA’s target and wheat shipments struggling with only 14mbu exported this week, running 2% behind the needed pace.

• Brazilian export association Anec February export estimates:
  • Corn at 717k, down from 1.94mmt last February.
  • Soybean exports at 7.3mmt, down from last February’s 7.55mmt.
  • Brazilian wheat exports ahead of last year’s 532k tonnes at 716k tonnes. 

• Weather
  • Argentina was dry yesterday but is seeing some promising rains tomorrow through Sunday across the bulk of there corn and soybean areas. Looks drier into next week. 
  • Brazil is seeing rains in the north and northeast and look to continue into the weekend. the 6-10 day forecast is looking drier.

• General Comments
  • Brazilian corn planting is estimated to be 59% complete. 
  • Argentina has shipped 780,000 tonne of milling wheat so far this year, three times the amount they shipped in all of February last year. Indonesia being their main destination, where Argentina is not usually a significant exporter in the Indonesian market. 
  • Ukraine is having an impact on the wheat market as they overload the market with cheap wheat.