Tuesday March 19, 2024

• Weather
  • Precipitation to move into the U.S on Thursday, heavy rains far south to heavy snow far north. The weather systems continues into the weekend, and into next week.
  • Argentina continues to see rains in the northeast and more action over the next 24 hours in the eastern region. Drier conditions in the forecast favoring dry down and harvest. 
  • Brazil saw widespread rains yesterday and will see an increase precipitation volume in the corn and soybean growing areas over the next week. Rains will slow down the bean harvest but will give needed moisture to there second crop corn. 
• USDA export inspections reported corn, beans, and wheat just met expectations. Ahead of expectation is wheat at +1% and beans running +3%. Corn just holding on the pace needed. 
• China approved the use of another 27 GMO corn and soybean varieties. China has been slowly adopting GMO varieties to help with domestic yield. The farmer adoption of GMO varieties will take time.
• Kanas wheat rating up 2 points this week to 55% good/excellent, with Texas wheat rating up 2% as well to 46% good/excellent. 
• Russian wheat export prices rose last week after a decline in prices since early January. Wheat exports were down 10% last week from the previous week exporting 930,000mt. Lack of precipitation in Russia has increase the spring wheat planting pace, limited moisture is causing concern for Russian spring crops.  
• Friday’s CFTC report confirmed that the recent ‘rally’ in the grain and oilseed complex coincided with the improved short positions by managed money. Positions are still heavily short, but not to the extend we saw this winter.