Tuesday April 2, 2024

• USDA Crop progress report pegged total US corn at 2% planted, with Texas’s corn acres 57% planted. The USDA has not yet released any soybean planting numbers. 
• USDA winter wheat rating pegged at 56% good/excellent. Up from 28% g/e last year, and the best rating since 2019.
• Russian wheat export prices continue to rise, making this the third consecutive week, price increases can be attributed to dry growing conditions.
• Brazil Crop Update
  • Soybean harvest estimated at 74% down, 2% behind last years pace. 
  • StoneX has updated their Brazilian bean crop estimated at 150.8mmt, down from last month, and the Safrina corn crop estimated at 96.1mmt also down slightly from last months estimates. 
• Export Inspections
  • Corn inspections running ahead of the needed pace at 56.4mbu shipped this week. 
  • Soybeans inspection falling at the low end of the range at 15.2mbu, still meeting USDA expectations by just 63mbu. 
  • Wheat inspections at 18.3mbu, trading at the top end of the expectations, and ahead of the needed pace.