Friday March 8, 2024

• USDA March crop production and WASDE report will be released today
  • Brazilian production estimates are the focus
  • Limited change in Argentina crop expected
• US Dollar down to its lowest level since late January, fueled by the sharp increase in US debt
• Rumor’s are confirmed: the USDA announced that China has cancelled 130k mt of SRW purchases as well as a flash cancellation of US corn.
  • This has pushed nearby and deferred wheat spreads wider, not too long ago we saw a slight inverse
• Export Sales- see graph below to compare historical trends
  • Corn sales totaled 74.7mbu with Japan buying the most. 
  • Soybeans sales at the top end of expectations at 22.5mbu, sales are 26.8mbu behind the needed pace
  • Wheat sales at 10 mbu, running 6% ahead of the USDA target