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Tidbits, Grain Insurance Revenue, Economy, China, Markets & Rain Days Update 11/1/23

Highlights


Cash wheat export traders are saying China has probably bought more milling quality wheat this year than ever before. Their wheat crop problem was too much rain at harvest. The past few days, traders say China bought about 2 million mt of milling wheat from Australia and the same tonnage from France or the EU which probably put China wheat purchases at record large.

Dr. Cordonnier reduced his corn and soybean production estimates for Brazil by 2 million mts each. He has corn at 123 million mt and beans at 160 million mt and expects to go lower. This reduction in production has never happened before in October. Markets do not have this priced into futures.

There continues to be terrible flooding in Brazil’s southern state, Rio Grande do Sul, Northern Argentina, and Paraguay. Granted, Paraguay only grows 10 to 12 million mts of beans, but it is the world’s 4th leading soybean exporter.

The Panama Canal will reduce transit slots due to drought to just 18 ships a day by February.

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