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Tidbits, Wheat, Markets & Rain Days Update 11/18/23

Highlights


The dry areas of Brazil’s crop land are expected to receive more rain in the next 72 hours than the area received in total since May. Most forecasters predict next weekend, the weather will return to very hot and very dry. To our knowledge, no one thinks this rain spell is the beginning of the rainy season.

 

Even if the rainy season begins this week, there will be very little, if any, safrinha corn to export next summer. The corn trade on Sunday night and Monday may be the lowest trade for a year or two, even if it opens higher.      

 

Eduardo Vanin, cash grain trader in Brazil reported yesterday morning:

"Soybean premiums (basis) on FOB keep going up... Several trades reported on CFR China for Feb, Feb/Mar and March (shipment periods) out of Brazil... Overall, Brazil soybean is becoming more expensive. The same we can say about the corn... (It) makes no sense to keep exporting after FH (first half) of January."

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