Wednesday February 28, 2024

Chinese soybean demand for April through to August is shifting to South America. Bean shipments from the U.S. to China are estimated at $510.56/mt vs. Brazil’s $434.80/mt.
Brazilian grain exports sitting up to neutral. Corn exports at 717k tonnes, even with their previous forecast, soybean exports up at 8.5mmt from 7.3mmt, and wheat exports of 724k tonnes up from 716k tonnes.
European commission showed wheat exports since July 1, at 20.5mmt down from 21.1 mmt a year ago, soybeans imports at 7.7 mmt, same pace as last season, and corn imports at 11.5mmt, down from 19.4mmt last year.
Kanas wheat crop is 57% rated good- excellent and 13% poor to very poor. Kanas is currently experiencing a cold spell, potential for some winterkill.
Brazil winter corn seeding is at 73% complete compared with 59% last week, and 56% this time last year.