StoneX said that the Brazilian soybean crop is 121.2 million MT due to severe southern losses. There haven't been seen many further downside revisions to Brazil's crop recently, but China keeps buying U.S. cargoes - which is in a very unusual time. Initial crop pegs were as high as 145+ MMT.
In Chicago, the wheat price increased to about 10 USD per bushel in March and 11 USD per bushel in May. Prices of corn and soybean are increasing because they are having good rains in Brazil and Argentina.
Back to soybean, the USDA department announced that the soybean crop is estimated at 41 million MT in 2021/2022. All the exportations from Ukraine and Russia have reduced almost to zero because the ports from the Black sea are not operating; the only ones with small exportations are the ones in Romania.
Many contracts have been canceled. Thus, buyers are looking for another origin. On the other hand, oil markets are also experiencing movements as sunflower oil deals discontinue in the Black Sea.
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