Tuesday March 26, 2024

• Ahead of Thursday USDA report, traders estimate US corn acreages at 91.98mil down from 94.6mil in 2023. US soybean acreage is expected to rise to 86.5mil from 83.6mill in 2023. Stocks for corn, wheat, and soybeans are all expected to be larger. 
• Brazil’s soybean harvest is estimated at 69% complete, vs 70% this time last year. Brazil’s second crop corn planting is reported to be complete. 
• Russian March grain exports at 6.0MMT, up from 4.9mmt in February, with wheat at 5.0mmt.
• Brazil pausing corn exports until July with an offer of 60 under, which is above the US price. There are some unknowns when it comes to there corn seeding and there crop enduring dryness, keeping exports cautious. 
• Export Inspection
  • US corn shipments ending March 21, down 7.4% from the previous week to 48.3 mbu, this is up 78% compared to last year. 
  • Soybean exports sat at 28.2mbu last week, running ahead of the needed pace. 
  • Wheat barley meeting expectation at 11.6mbu. 
• Northern Midwest continues to see heavy rains with a mix of rain and snow. Heavy precipitation in both the northern, south eastern and eastern belt. 
• Argentina was dry yesterday and remains so over the next week. Brazil saw rains again in the north/northeast.