USDA announced yesterday morning the sale of 123,650 mts of old crop soybeans to unknown.
The crude oil complex was pressured yesterday after the Biden Administration announced they will resume selling oil leases on Federal Land, but very albeit on a reduced acreage and with a higher royalty charge.
Argentina’s soybean crop is 14% harvested.
There are 22 ships loaded with 644,000 mt of fertilizer waiting to unload at Brazil’s ports of Paranaguá and Antonina (Paraná) where the waiting list is now 60 days long. Port officials state, “Everything is normal.”
Actually, it is better than it was last year. More than 3 million mts of fertilizer were unloaded in the first quarter of this year, up 26% over last year. In March, the 867,900mts of fertilizer unloaded at the port was 20% more than a year ago. February’s fertilizer tonnage was 43% over a year ago at 1.3 million mts unloaded.
The US winter wheat crop condition is the lowest rated winter wheat crop for this time of year in more than twenty years. Now, before you mortgage farm and buy wheat futures, that is one of the reasons wheat is more than double its normal price. It is OLD news, it is already priced into the market.
Iraq has reduced irrigated 2022 crop areas to 50% of 2021. The USDA forecasts their 2022 wheat production at 3.25 million mts, way below 5.47 million mt of 2021.
China’s economy grew 4.8% in the first quarter of 2022 compared to a year ago and better than the 4.4% growth expected. From fourth quarter 2021, GDP rose 1.3% with only 0.6% growth expected. The stronger the Chinese economy, the more beans, corn and bean meal they will consume.