Thursday March 14, 2024

• The 50 day moving average for SK24 was finally broke through as the futures rose to the $12.00 level overnight. We continue to hover around that mark. Fundamentally the market as been quite over the past 24 days. Brazil did spark a little conversation with there crop production estimates, though if the estimates are correct, it will still be Brazil’s second largest soybean crop and their third largest corn crop. 
• Daily ethanol production was down again this week by 33k barrels/day. Margins are nearing breakeven levels, corn used for ethanol continues to run well ahead of target. 
• Russian wheat prices at there lowest prices since August 2020, anticipating a bumper crop and wheat exports to be a record 51 million tons this season, 7% more than last season.