Thursday March 28, 2024

• USDA stocks/seeding intentions report will be released later this morning, followed by the holiday weekend
  • Open interest fell on Wednesday, in anticipation of the report
    •  Down 828 contracts for corn and 1,355 for beans, open interest for wheat up by 2,175 contracts
  • Corn and beans futures have declined in recent days, on expectations of bearish supply data
  • Following the report the market’s focus shifts to weather/future supplies
• Russian wheat values have pushed higher this week and trading around $209-210/mt fob
• US farmers are expected to start seeding corn/soybeans in 10-14 days due to warming Southern-Midwest temperatures
• Agroconsult estimates Brazil soybean production up 4.3 million tons from the January estimate
• China manipulating its soybean import data
  • USDA has quit using Chinese soybean trade data
• China continues to release soybeans onto the domestic market from their reserves
  • Officials will offer the third batch of 8.1 million bushels onto the market, at auction tomorrow.
  • 23.9 million bushels were released over the last two weeks