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Good morning,

 

Corn is unchanged and soybeans are down 8 to start the day.

Brazilian government supply agency Conab cut their 2023/24 soybean production estimate from 149.4 to 146.9 MMT, compared to 154.6 MMT last season. Total corn output fell from 113.7 to 112.8 MMT, down from 131.9 MMT last year; second-crop production fell from 88.1 to 87.3 MMT, compared to 102.4 MMT in 2022/23. Wheat output was reduced from 10.2 to 9.6 MMT this month. Total grain production for ‘23/24 fell from 299.8 to 295.6 MMT, down sharply from 319.8 MMT last season.

Argentina saw good rains center-east again over the past 24 hours, shifting into the north/northeast through the weekend and remaining there for the 6–10-day period, with the center-south dry. Brazil was drier yesterday with only isolated action in the far north, with better action north and south over the next five days, and the best chances holding south for the 6-10- day period. Issues will include slowing soybean harvest in the south into that 6-10 day, with dryness affecting safrinha corn in the center-east through next week.

Conab’s surprise production cut early yesterday morning seems to have worn off and the market is struggling this morning.   If you are behind on new crop sales, now is probably a good time to get some sales in place. Current new crop prices are in the $4.40-4.50 range.

Have a Safe Day!

Garry Gard

920-348-6844

ggard@didioninc.com