Monday March 18, 2024

  • Flash sale of corn Friday of125k mt to unknown destination for 23/24 delivery¬†
  • Corn and soybeans coming off the overnight higher open as they ran into chart resistance. 
  • Chinese Jan- Feb imports for corn are up 16% from last years pace at 6.19mmt and wheat down 17% compared to the beginning of 2023 at 2.5mmt. 
  • Russia grain exports at 5.8mmt, up from 4.9mmt in February, with wheat at 4.8mmt. 
  • Ukraine 2024 corn crop estimated to be 3.863 million ha, down 4.5% from last season, they see a larger increase in estimated soybean acres. Grain exports at 2.8mmt so far in March, down from 3.5mmt based on the same time frame last year 
  • Brazilian corn planting process estimated a 94% vs last years pace of 83.5% and soybean harvest estimated at 65% complete. 
  • NOPA Crush came in a record figure for the month at 186.2mbu vs the estimate of 178.1mbu. Year-to-date crush has an average increase of 6+% year over year.