Monday February 26, 2024

• Three Brazilian cargo ships preparing to load soybeans and sail to the U.S. reported by Reuters on Friday. Total to be shipped is estimated at 104k tonnes. In 2023 Brazil exported 420k tonnes of soybeans to the U.S.
• AgRural has cut there Brazilian 2023/24 production estimates once again, from 150.1 to 147.7mmt. Soybean harvest is 40% complete up from 32% last week.
• Brazilian corn planting is 73% complete. 

• Export Sales
  • Corn met expectations this week at 32.3mbu 
  • Soybeans are running behind last years pace and the 5 year average at 2.1mbu. Sales are 84% lower than last weeks sales. A 22mbu contract was cancelled. 
  • Wheat just missing trade estimates at 8.6mbu, 33% behind last years sales. 
• Weather
  • Argentina saw good rains north over the weekend and in to this week, drier 6-10 days.
  • Brazil saw heavy and widespread rains over the weekend, chance both in the north and south.
  • The heart of the U.S. was dry over the weekend and remains dry in to this week. The 6-10 day forecast has a chance of rain. 
• Argentina Crop Progress
  • Soybeans rated at 31% G/E Condition vs last years 3%
  • Corn rated at 28% G/E Conditions vs last years 9%