Monday April 8, 2024

• Argentina’s Buenos Aires Grain Exchange cut their 2023/2024 corn production estimates, from 54 to 52 mmt, due to disease damage. 11% of the crop has been harvested thus far. Soybean crop 2% harvested and a steady output of 52.5 mmt. 
• India’s flour millers see wheat production at 105mmt, down from the government estimate of 112mmt. If production estimates continue to lower potential imports may be necessary.
• CFTC report showed minor activity in the managed money funds across the board on the week ending last Tuesday. 
• Argentina saw rains in the north over the weekend, with drier conditions in the center south. Rains look to continue slowing down fieldwork and harvest.  Brazil saw rains throughout the growing areas over the weekend and forecasts look to remain wet, slowing harvest but adding moisture to there second crop corn. 
• The US growing area saw rain coverage over the weekend with the heaviest amounts in the north and northwest. Mid week rains to favour southern US and the southern/eastern Midwest. 
• Friday’s US job report came in higher than expected as unemployment falls to 3.8%, indicating no need for the Fed to cut interest rates in the near future.