Thursday June 6, 2024

• Grain futures are higher as traders digest the drier/warmer Central US weather pattern for the next few weeks
• Corn export sale of 152,000mt to unknown destinations for 23/24 marketing year
• Brazilian soybean harvest at 98% complete, as of earlier this week
  • Soybean losses related to recent floods in Rio Grande do Sul estimated at 2.71mmt
  • Substantial losses to the livestock sector as well
  • damaged roadways and bridges causing logistical problems moving out the last 10% of the crop
• West central Brazil has wrapped up bean harvest and now working on their second crop corn
  • AgRural has reduced corn yields in Parana from 86bpa to 80bpa, yields in Mato Grosso remain the same
  • Brazil’s corn production at 121.75MMT, down 11% compared to their 22/23 harvest
• Wheat recovering from a big hit yesterday, as the trade continues to debate the scope of the Black Sea crop losses and the potential effect on the global market
  • SovEcon cut their wheat production estimate from 82.1 to 80.7mmt.  Overall this is a 15% reduction since March
  • US harvest at 6% complete, as of earlier this week
• China plans to increase it wheat stockpile through domestic purchases
  • poor growing conditions in Russia will impact world supplies