Friday March 22, 2024

• Mark the calendar!  Only 4 trading days away, the stocks and seeding report will be released on March 28th.
• AgMarket predictions below:
  • Bean acres up 3%
  • Corn acres down 3.3%
  • Wheat acres down 7%
• Debate over Brazil’s soybean and corn crop size
  • soybean harvest at 66% complete in the region
• Limited fresh demand news not feeding the bulls today, combined with technical selling pushing CBOT into the red

• Exports

• Corn, bean and wheat export sales were within the range of expectations
• China has booked an estimated 16-20 cargoes of Brazilian soybeans this week (on par)
• Soybean sales up 31% from last week, still 3% behind the pace needed
• Total wheat sales 5% ahead of pace needed despite Chinese cancellations
• Heavy supply of corn, sluggish export demand weighing on prices

• Weather

• Excessive amounts of moisture through Argentina, leaving some fields laying in water before harvest
  • Parts of the region has endured 300mm of rain in the month of March