Thursday March 21, 2024

• Flash sale Wednesday: 120kmt of soybeans to Unknown destination for 24/25 delivery. 

• Since the end of February, May soybean futures have made an $0.80 rally. Closing above the $12.00 mark, and breaking through the 50 day moving average has helped the market find support. 
• China has imported 4.1 million tons of corn during Jan/ Feb, an increase of 178%. This totaled 66% of Chinese corn imports during this time period. US corn exports to China declined by 67% and only accounted for 12% of Chinese imports.  Chinese imports of Brazilian soybeans during Jan/Feb increased 211% year-over-year to around 7 million tons, US bean exports to china declined by 51% only account for 38% of Chinese’s bean imports, were as Brazil is providing 53% of imports. 
• Excessive rainfall in Argentina, alleviating drought areas, but also oversaturated corn and soybean crops delaying harvest 
• Ethanol production up 22k barrels/day last week. Demand was lower this week, netting larger US stocks. Corn used for ethanol production year to day is estimated at 2.925 bbu.