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Tidbits, Market Inversion, Broilers & Ethanol, Markets & Rain Days Update 4/20/23

Highlights


Inspections of ships carrying grain from Ukraine resumed after two days of hassle. Russia's Ag Ministry sees Russian 2023 wheat production at 78 million mt, ~9 million mt less than SovEcon (Andrey Sizov) projected yesterday. China will auction-off another 1.5 million bushels of its state reserves of imported wheat on April 26 to keep a lid on domestic prices. China always replenishes its government reserves with imports. Some showers were added to the forecast for the US hard red winter wheat areas and the Ukraine/Poland deal to transport grain from Ukraine to the Baltic Sea were pressuring wheat, then corn and then soybeans, to a lesser extent. Brazil’s bean basis continues to weaken due to oversupply and cash beans there are about $3 less per bushel than US beans. It still takes about three months to get a shipload of Brazil’s bean delivered.

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