Roger’s reference yesterday to Market Analyst Bill Crowder recommending his clients sell all corn and beans needs to be modified. Bill did send the email to his clients, but he was forwarding Bill Ryan’s email. Mr. Ryan’s email is: bill@crokerrhyne.com
We apologize to Mr. Bill Crowder. Thanks, once again, John.
Highlights
Russia said they will not sign the Ukraine grain corridor deal unless Russia's agricultural and fertilizer producers are “taken into account.” With or without Russia, the deal will get extended and the market expects more of Ukraine’s ports will be allowed to load ships.
Argentina’s soybean crush in January was down 20% from a year ago and last year was also dry, but not nearly as dry as this year.
China had to cancel the purchase of one million mts of Argentine beans because Argentina does not have that many soybeans. That is another 36.74 million bushels of beans that have to come from Brazil, where ships are waiting more than 35 days to load soybeans due to port congestion, or from the USA. The wait time to load Brazilian beans will grow to 45+ days in another couple weeks. Anybody who has to have beans within a month or two will have to buy US beans; yes, there will be some sales of US beans.
After the market closed yesterday, rumors surfaced China was making arrangements to get some US beans and corn bought. It makes sense after they kissed goodbye to a million mt of Argentine beans.