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Tidbits, Brazil, Harvest Pace, Export Inspections, Markets & Rain Days Update 11/7/23

Upcoming S&D


The USDA will issue its monthly S&D Thursday at 10 AM Mountain Time.

The market changes expected from October:

  • Corn yield: increased to 173.2 vs. 173.0 and carryover increased 20 million bushels to 2.131 billion.

  • Soybean yields: unchanged at 49.6 bu with the carryover 2 million more bushels at 222 million.

  • World wheat carryover: down 300,000 mt to 257.8 million mt.

 

Highlights


Poet at Shell Rock, IA pushed their basis to +20Z (20¢ over Dec futures for 1st half November).

Grain export trader in Brazil, Eduardo Vanin, said yesterday afternoon:

"Very slow farmer selling and very stressful weather pattern for all over Brazil. I spoke to some producers from Mato Grosso over the weekend. The rainfall pattern was the same: very poorly distributed. The EC model shows little rain for the next 5-10 days..."

247AG yesterday afternoon: "Super dry ahead, compared to normal."

Agrinvest Commodities yesterday morning:

"We reduced Brazil’s soybean crop size from 163 to 154 million mts as dry weather is causing a big worry for the Northern states’ crops" (USDA at 163).

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