@kannbwx

Apr 7

#Soybeans continue to flood from South America (mostly #Brazil) to Asia (mostly #China).

Karen Braun@kannbwx

The Black Sea grain export deal is doing its job according to 22/23 USDA forecast evolution. Small growth in #Ukraine crops since mid-2022, but its #corn + #wheat export outlook has more than doubled since then. The rise in #Russia's numbers also boosts available grain.

Karen Braun@kannbwx

Dalian May #corn on Friday hit an 8+ month low. CBOT May corn a month ago hit 7-month lows but has come up 8% since.

Dalian May #corn futures in #China are trading 3% below a year ago but 3% above the same point in 2021 and 38% above 2020. By comparison, CBOT May corn futures are 15% below the same date in 2022 but 15% above 2021 and 98% higher than on the same date in 2020.

Karen Braun@kannbwx

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#Corn selling in Mato Grosso is much slower by comparison at only 34% versus 55% last year and an average of 61%. The 2022/23 corn crop is currently in progress and harvest should be started in June.

Karen Braun@kannbwx

Farmers in Mato Grosso, #Brazil's top soy and corn state, have sold 61% of this year's #soybeans, the slowest pace in more than 5 years. Average for early/mid-April is 74%, last year was 69%.

Karen Braun@kannbwx

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#Brazil is hoping to secure investment from Chinese trader Cofco to help recover degraded farmland in Brazil and lower the carbon footprint of its agriculture. Brazil accounts for 22% of #China's imports, a large portion being farm goods.

Karen Braun@kannbwx

59m

U.S. export sales were mostly modest last week - still not a ton of action in new crop yet. #China had two boats of #corn switched from unknown and also had a boat of new crop #soybeans and one of old crop #sorghum. Philippines, Vietnam and Mexico bought #soymeal.

Karen Braun@kannbwx·

39m

USDA confirms the sale of 327,000 tonnes of U.S. #corn for delivery to #China. 191kt is for 2022/23, 136kt is for 2023/24. That is the first new-crop corn sale to China. The last daily sale of corn explicitly to China was March 30 (which was the 11th in a string of 13 sessions).