Thursday June 20, 2024

• News from China
  • Chinese corn imports for May were down 35% +/- vs last year, falling to a 13 month low. Brazil keeping Chinese corn users well supplied. China imported 20.71mmt of corn between Oct. 2023 – May 2024 vs 12.2mmt the same time period last marketing year. China has cut U.S. corn imports by nearly 16% between 2023-2024. The charts below show the estimated import cost for China as well as imports by country. 
  • Chinese custom reported May soybeans imports from the U.S at 1.27mmt, up 150% from 494k tonnes last month, still well behind Brazils 8.8mmt share. 

• Wheat futures posted fresh multi-week lows again overnight. 
• SovEcon a Russian grain group reported 2024 estimated grain crop down from 144.9mm to 127.4mmt.