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Tidbits, Argentina, China, Fertilizer 4/13/24

Highlights


The US stock markets took a thumping yesterday as JPMorgan and Wells Fargo both reported net interest income well below analysts’ estimates. JPMorgan interest income was less than the previous quarter for the first time in almost three years and its shares had the largest decline since 2020.

 

Two weeks ago, the Buenos Aires Grain Exchange (BAGE) reduced their Argentine corn production estimate by 2 mil. mts. Yesterday, BAGE whacked another 2.5 mil. mts, down to 49.5 mil. mts (USDA 50), citing disease, hot and dry weather.

 

Safras and Mercado is a Latin American agricultural consulting firm. Yesterday, it increased its Brazilian corn production by 270,000 mts to 126.13 mil. mts (USDA 124). S&M also raised its Brazilian soybean crop by 2.65 mil mts to 151.25 million (USDA 155).

 

It looks like China will begin exporting urea later this month after more than three years of no urea exports.

 

Yesterday morning, the USDA announced the sale of 124,000 mt of old crop soybeans that were sold to unknown. The third 100,000+ mts soybean sale to the unknown this week.

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