Tuesday March 12, 2024

• China continues to cancel wheat shipments, making this the third day straight of cancelations for a total of 18.5mbu
  • The market will be watching to see if these cancellations continue
• Export inspections are within range. Corn and wheat inspections are running on par to meet USDA expectations while beans take the lead and are 3% ahead of the needed pace.  The chart below illustrates where we are sitting compared to usual. 
• Argentina crop conditions are estimated at 29% G/E up 5% from last year and soybeans are estimated at 29% as well vs 2% last year. 
• Brazils bean harvest estimated at 55% complete as of last Thursday and second crop corn pegged at 93% complete, up 7% on the week.
• StansCan planting estimates for winter wheat acres at 27mln, up from there pre-report estimates but in line with 2023 acres.
• Ukraine’s production estimates for combined grain and oilseed pegged at 76.1mmt, down from 82.6mmt last year.
• Russian March grain exports up from February at 5.4mmt with wheat at 4.8mmt vs 4.1mmt in February.