Tuesday February 27,2024

• February Russian grain exports are estimated at 4.6mmt, unchanged from January and wheat estimated at 3.8mmt vs 3.6mmt in January. 
• China has booked 5-7 cargoes of Brazilian soybean for May/June delivery. 
• Argentina January soybean crush rate up just over 2.0mmt, the highest since May 2023.
• Russian wheat prices continue to lower this week, though still need to lower more, to be competitive with European prices. Russia exported 870,000 million tons last week, a 22% reduction from the prior week. 
• U.S. corn export inspections hit a 2023/24 market year high at 48.9 million bushels this week. Up from last weeks total of 41.4mbu and up from this time last year at 25.6mbu. Corn inspections are ahead of last years pace at just over 200mbu.