Thursday February 22, 2024

• Argentina has cut their 2023/2024 production estimated for corn and soybeans due to the recent heat. Corn now estimated to be 57mmt down from 59mmt and soybeans now at 49.5mmt down from 52mmt. 
• Russian and Ukrainian wheat prices continue to lower. Ukraine has improved success of their self-regulated export corridor and Russia’s logistics have improved.
• Argentina’s corn crop rated 83% fair to excellent down from 85%, last year rated at 55%. Argentina soybean rating has increase to 81% fair to excellent from 78%, last year was rate 47%.
• USDA Harvest Price vs Cost of Production (See images below)