Sales trends of US old and new crop soybean and grain have been sharply mixed in recent months, with a host of underlying fundamentals impacting each market differently. In soybeans, the US has picked up unanticipated old and new crop sales from the start of the year as the world market adjusts to falling South…
Following Russia’s invasion of Ukraine and subsequent surge in feed wheat prices (and regional ad hoc bans on grain exports), ARC has raised US corn exports in 2021/22 to a record 2,800 Mil Bu. Additionally, ARC’s work suggests such demand is not priced into the market currently, but simple arithmetic supports a massive increase in…
ARC’s updated Argentine corn production figure is 46 MMTs, vs. trade consensus of 47-48 MMTs, but vs. 44 MMTs in late January. It’s been an odd growing season in Argentina – one generally defined by La Nina based heat/dryness, but heavy rainfall at times did impact wide swaths of later planted fields. Recall the second…
The March CONAB soybean crop estimates confirmed a declining trend for the Brazilian soybean crop. Compared to the February estimates, the harvested area was fractionally increased to a record large 40.7 million hectares. It’s worth noting that compared to 2006/07, Brazil’s soybean crop area has nearly doubled in just the past 15 years. CONAB estimated…
USDA lowered Argentine corn production by 1 MMTs. Brazilian production was left unchanged as CONAB releases its by-state Brazilian crop estimates on Thursday. Ukrainian exports were lowered 5 MMTs. Global import demand was reduced 2.6 MMTs, which partially offset the loss of Ukrainian supplies. However, based on known trade data, USDA is still some 7…
