| USDA Grains and oilseeds were mixed globally ahead of the April USDA Wasde report. We will provide full analysis of the report in tomorrow’s highlights and further insight in our Global Grain Outlook released next week. Trade expectations were for declines in corn production for Brazil and Argentina following the USDA march release which saw output at 124Mt AND 56Mt respectively. Ultimately Brazil’s production was left unchanged and Argentina trimmed slightly to 55Mt. For soybeans trade estimates were expected to be little changed in Argentina with Brazil expected to lose 3Mt from its production, and 10Mt below the 2022/23 season. The USDA left both unchanged with Argentine production at 50Mt and Brazil’s at 155Mt. Wheat ending stocks globally were lowered slightly to 258.27Mt, despite an increase in EU stocks for 2023/24 from 15.17Mt to 16.69Mt, as exports were reduced 2Mt to 34.5Mt due to ongoing competition from the Black Sea. US stocks were also increased slightly to 18.98Mt. Conab Brazil’s Conab were also releasing their own data today. Brazil’s total grain output was seen falling 8% to 294.1Mt compare to the 2022/23 season. The main reason cited for the drop was the impact of a strong El Nino which impact plantings and crop development. With sowing nearly finished of the second corn crop, Conab see total corn production at 110.96Mt, 12Mt below that of the USDA. Soybean production is expected at 146.42Mt, which is 5.2% below last season and 9Mt below USDA estimates. CRM Agri Oilseeds report Highlight: Read more |
| Not yet subscribed? Get in touch |
