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Tidbits, Brazil Crops & Costs, Chinese Consumption, ENSO, Export Inspections 3/19/24

Highlights


An early Monday morning shift in weather forecast increased precipitation the next 10 to 15 days for Mato Grosso, where most of Brazil’s safrinha corn and late planted beans were struggling with hot and dry conditions.

 

SAFRAS put Brazilian bean production at 148.6 mil. mt, (USDA 155) and the Brazilian bean harvest is 62.25% complete with some delays noted in RGDS due to too much rain.

 

Corn prices in Brazil were higher Monday supported by higher crude oil (Russian refineries being attacked by drones and diplomatic tensions between the US and Israel) and ethanol plants bidding the corn basis 30 to 50¢ above what is being paid at the ports.

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