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 3.4MMT 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