Friday February 23, 2024

• Ethanol demand increased this week and pulled U.S. stocks tighter by 308k barrels. Corn used for ethanol year-to-date is estimated at 2.518 bb, up 5.3% from last year and 80 mbu ahead of the USDA’s target. 
• The French soft wheat rating is still below last years 95%  good/excellent rating, though still sitting nicely at 69% rated good/ excellent. 
• Ukraine grain exports at 4.3mmt so far this month, up from this time last year at 3.8mmt. Cumulative exports sit lower from last years 30.8mmt to 28.2mmt.
• South American Weather
  • Argentina got some rains in the center-south yesterday with coverage spreading northward. 
  •  Brazil saw scattered rains in the north and northeast, strong coverage is still expected over the next five days, favouring the west and south.