Wednesday July 24, 2024

• Corn, beans and wheat up slightly this morning
• Flash sale of 200k tonnes of corn to unknown destination for 24/25 delivery.
• Private Analysts ASAP Agri cut their 2024 Ukraine corn production estimates by 5mmt, to 24.1mmt. Analysts and farm groups are looking at yields around 1/3 lower than last year due to hot temperatures. 
• Brazil is focused on moving their second crop corn, meaning farmers are holding on to their unsold beans, improving Brazils bean basis and making old crop US beans more competitive to China. This is making the US competitive right now, also means they are likely holding those beans into the US harvest timeframe, potentially hindering US exports to China at that time. US bean shipments to China are down 25% for the current marketing year. 
• Russia’s Sovecon is projecting their grain crop to reach 130.5mmt, up from previous estimate of 127.4mmt. Sovecon also increased their 2024 wheat estimates to 84.2mmt, up slightly from 84.1mmt.