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Tidbits, Flooding in Brazil, Weather, China, Export Sales 5/10/24

Highlights


The USDA’s May World Agricultural Supply and Demand Estimates (WASDE) report will be released today at 11 AM Central Time. This will be the USDA’s first of 36 monthly S&D reports for the 2024 crops. The biggest question is: How much, if any, will USDA reduce South American crop production?

 

In Brazil, the state of Rio Grande do Sul experienced the worst flooding in the state's history. Rainfall in Rio Grande do Sul eased over the weekend, but more rain is expected this week.

Before the heavy rains moved in, the soybeans in the state were 76% harvested, which meant that there were an estimated 4-5 million tons of soybeans still in the field. In their April crop report, Conab had estimated the soybean production in Rio Grande do Sul at 21.89 million tons. Most analysts in Brazil are estimating that the state might lose 10-15% of the soybeans or 1-2 million tons.

 

Much of Kansas is expected to get some rains over the next 7 days with NOAA forecasting amounts of half a half to one and half inches across the state.

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