Tuesday March 5, 2024

• Flash Sales
  • 110,000 tonnes of corn to sold to Taiwan for 2023/2024 delivery
  • 126,000 tonnes of soymeal sold to unknown destinations for 30,000 tonnes delivery 2023/2024 and 96,000 tonnes for delivery 2024/2024
• Export Inspections
  • Corn came in at the higher end of the range, just enough to meet USDA expectations. 
  • Soybean inspections are running 3% ahead of the needed pace to meet USDA expectations. 
  • Wheat inspections came in at the lower end of the estimated range, running 1% behind the pace needed to meet expectations. 

• General Comments
  • Crude oil topping $80/barrel for the first time since November, the strength we saw in the crude market is likely one for the contributing factors supporting the gains in the grain markets.
  • Fund covering and technical triggers helping support the grain markets. 
  • Brazil’s soybean harvest is estimated at 49% complete, first crop corn is 50% harvest and second crop corn is estimated at 76% vs 62% last year. 
  • Ukraine yet again another seller of corn to China yesterday