One story yesterday that rain up the market was talk of shelling of the Ukrainian nuclear plant in Zaporizhzhia, but seem like a big deal this morning
Grains are lower on precipitation in the Upper Midwest.
CONAB estimates Brazil’s 2021/22 total corn crop at 114.691 MMT compared to the previous forecast of 115.663 MMT and 87.097 in 2020/21. The second corn crop is expected to be 87.407 MMT vs. 88.448 in the previous estimate and 60.742 last year.
The 2022 Brazil wheat crop is forecasted to be 9.161 MMT by CONAB. The firm expects the ‘21/22 Brazil soybean crop to be 124.048 MMT, unchanged from the previous forecast but below 138.153 MMT last year.
FBN’s survey pegged the U.S. corn yield at 175.9 bu/acre and U.S. soybeans at 51.1 bu/ac. The company’s model based forecast is at 170.0 bu/ac for corn and 50.7 bu/ac for soybeans. Key findings in the corn yield report include expectations for Nebraska and Iowa yields to be significantly below the strong yields of last year. Yield estimates were decreased for Missouri, North Dakota, and South Dakota. The states with the best corn yield improvements were Ohio and Indiana. Most states show a decrease in soybean yields compared to last year with the biggest declines seen in Missouri, Nebraska, and South Dakota.
Nine companies will purchase 20 million barrels of crude oil in the latest sale from the Strategic Petroleum Reserve. The Biden Administration said it March it would release one million barrels of crude oil per day between May and October.
A ship is expected to arrive today in Ukraine to deliver 23 TMT of grain to Ethiopia.
Outlook for this year’s US spring wheat crop yield is up from previous forecast of 48.60 bu/acre, and has risen for a fourth consecutive time, according to data issued by Planalytics on Thursday.
Yield in key states versus previous Planalytics forecast (in bu/acre):
North Dakota 49.60 vs 49.40
Minnesota 61.40 vs 61.40
Montana 33.40 vs 33.00
KC wheat -9
Chic wheat -10
Matif wheat -7
Soybean oil -51