Wednesday March 27, 2024

• Grain volume was mediocre overnight. May corn contracts failing on the charts and December corn hitting almost a three-week low. 
• South Africa’s crop estimate for 2023/24 corn harvest pegged at 13.263mmt, down from 14.36mmt previously estimated. 
• Temporary closure of the Port of Baltimore will disrupt many shipments over the coming month, however this port is not a large port in terms of bulk corn, beans, and wheat shipments. 
• Below charts show USDA corn and soybean planted acreages changes from the February Ag Forum to the March 31 planting intentions. The trade is looking for around a million-acre shift from soybean to corn in tomorrow’s planting intentions report.