Tuesday April 9, 2024

• Flash sale: 124,000 metric tonnes of soybeans sold to unknown destination for 23/24 delivery.
• US Corn planting 3% complete, up 1% from last week. No national soybean planting numbers yet.
• US winter wheat ratings sitting strong at 56% good/ excellent, remaining higher than the 5 year average of 47% rated good/excellent. The crop is 6% headed nationally vs 5% on average and US spring wheat planting is 3% complete, on par with the average. 
• Ag Rural estimates Brazilian soybean harvest at 78% complete vs last years 82%, wet conditions have slowed harvest. They have also increased their 23/24 soybean production estimates from 143.692 to 145.46mmt yesterday and lowered their total corn production from 114.94 to 114.19mmt.
• Weekly Inspections:
  • Corn, beans, and wheat all meeting exports expectations this week, all slightly ahead of the needed pace.