Monday March 4, 2024

  • Reports indicated that China has bought “more than 20” cargoes of corn, sorghum, and barley over the past two weeks. 
  • Russian SovEcon Estimated February grain exports at 4.9mmt, up from 4.6mmt in January , and wheat up from January at 4.1mmt. 
  • StoneX Brazil on Friday raised their 2023/24 soybean production estimated from 150.35 to 151.55mmt, increases in both acreage and yields. Second crop corn output cut slightly from 96.4 to 96.3mmt. 
  • Argentine rains fell north/northeast over the weekend and looks to continue over the next 10 days. Drier weather seen in the south/ southwest. 
  • The February averaging window for the spring price insurance closed on Thursday last week. The 2024 corn spring insurance price is $4.66 and beans are $11.55. Both crops well below last years price.