Monday April 29, 2024

• Soymeal is giving the soy complex an independent boost. 
• A large Russian grain exporter is accusing the Russian government of trying to control and inflate their export prices. The government has been trying to enforce an artificial floor price for months. 
• Ukraine’s cumulative grain exports since July are down from 41.4mmt a year ago to 40.7mmt. Wheat exports stand at 15.6mmt and corn at 22.5mmt. 
• Russia’s SovEcon estimated April grain exports at 5.7mmt, down from 6.1mmt in March. Wheat down from 4.8mmt last month to 4.6mmt. 
• U.S corn exports are running strong, though still slightly behind last seasons pace. The image below show’s U.S. corn export sales by destination. Chinese sales are more than 250mbu behind last year’s pace, making them drop to the number #5 spot. 
• Brazil soybean basis firming up as farmers are holding back on sales or waiting to see the outcomes of the “smaller” advertised 2024 crop to capture potentially higher prices. 
• Weather
  • The Midwest saw heavy rain over the weekend with thunderstorms moving through the eastern corn belt today. The five day forecast remains wet, the extended forecast looking on the wet side of normal with temps holding on the warm side. 
  • Argentine rains will hold in the northeast crop areas going forward with the bulk of the corn and soybean growing areas staying dry. 
  • Brazilian continues to see rains in the far north and south, with rains holding in the south over the next ten days.