Wednesday April 10, 2024
- Tomorrow USDA will release its monthly crop production and WASDE report. Brazil’s Conab will release their April crop estimates
- Attention will be drawn to the size of Brazil’s 2024 soybean/corn crop
- In March there was a 8.2MMT spread between CONAB and WASDE soybean crop estimate
- The report is for old crop data in the US, new crop corn and soybean balance sheets will be released in May
- Few changes are expected
- The trade estimates lower Brazilian production estimates and flat estimates for Argentina
- Attention will be drawn to the size of Brazil’s 2024 soybean/corn crop
- Ukraine brokers estimate 600k tonnes of corn could be exported to China this month
- China starting to book beans from Argentina for April-June delivery
- Most of these purchases expected to go into state reserves
- Chinese crushers focused on Brazilian purchases
- Brazilian bean exports were at a record high last year
- Chinese custom data shows Brazilian bean imports even higher this year