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Tidbits, Exports, Rain Days 7/7/24


Jason Britt, President US Commodities, notes that soybean export sales reported this past week were 8.4 million bushels and we need 2.6 million bushels each week to meet USDA’s projections of 1700 million bushels. Corn export sales were 14.1 million bushels. Jason expects USDA to raise corn exports on the July 12th S&D.


In his Friday newsletter, Market Advisor, Kevin Duling of Maupin, Oregon included this information:

"One of the news items that helped break the wheat market was Turkey saying they would ban wheat imports, when they are typically a 9 mil mt importer. The funds came to the conclusion that the 10 mil mt drop in Russian production was offset by Turkey’s dropping of wheat imports. The fine print says the drop in exports will only be until October. One Black Sea analyst says Turkey’s wheat yields are horrible and he expects them back importing shortly, well before October.


Swithun Still, a Russian crop analyst who lives and merchandises grain from Sweden, says recent optimism on Russian yields is not warranted. He claims the starting yields in the first 2 districts, which are 1 and 2 for total Russian production, are yielding 40% and 50% of last year’s yield respectively. He says the Russian corn crop is a complete disaster, and he is backed up by recent drought and heat maps.

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