Thursday July 4, 2024
- Brazil corn exports gather pace
- July is estimated at 3.4 million metric tons, a 2.4 million tons rise compared to June
- USDA cuts Brazil soybean production
- Production in the 23/24 marketing year is now forecast at 150 MMT down 2% from the previous report from flooding in the state of Rio Grande Do Sul
- 3/4 of the crop was already harvested in the region before the flood
- Post flood harvested grains show significant levels of moisture and quality issues from damaged storage
- Improving Russian production prospects sent wheat futures lower yesterday
- SocEcon pulled up its estimates for the 2024 Russian wheat crop by 3.4MMTÂ to 84.1 MMT
- More rain expected in parts of Iowa, Nebraska and Minnesota
- Brazilian Real has been falling VS the US dollar, boosting profitability for farmers there, and encouraging selling