The war is escalating.
Yesterday morning, the USDA reported the sale of 1,049,771 mts of old crop corn and 611,389 mts of new crop corn to Mexico. That is a bunch of corn, Folks.
China asked for FOB prices on corn shipped from the PNW. They got quotes of +133 to +135Z (135¢ over corn for December futures), which is cheaper than Brazil’s corn when freight is included. Get those rail cars lined up!
Corn is 70% mature, 10% more than normal for this date and 15% is harvested, 2% more than normal.
The soybean crop has 73% dropping leaves, 11% ahead of the normal pace and is 12% harvested, 1% ahead of normal.
The winter wheat crop is 26% planted,3% behind the normal pace.