WASDE: Check out the main trends for soy, wheat, and corn in Brazil

Wheat

Published Mar 19, 2024

Tridge summary

Brazil's soybean production has seen a decrease of 1M ton, which is less than the anticipated 3M ton drop. However, exports have risen by 3M ton, contributing to an increase in Chinese imports. Meanwhile, the balance sheets of the USA and Argentina remain stable. The market is now looking forward to the March 28 Planting Intent report. In Ukraine, efforts to boost grain exports via the Black Sea have led to corn exports exceeding last year's figures, resulting in a 2.5M mt reduction in ending stocks. Wheat exports from Ukraine have also risen by 1M mt, surpassing five-year highs.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

According to Pedro Schicchi, Grains & Oilseeds analyst at hEDGEpoint Global Markets, “Brazilian soybean production fell (-1M ton), but less than expected (-3M ton). However, the country's exports were increased by 3M ton at the expense of crushing and ending stocks. In turn, Chinese imports increased by the same 3M tons. The balance sheets of the USA and Argentina were not changed.” Also according to the analyst, “in general, the report did not provide the market with sufficient evidence to move in any direction, in particular speculative funds, which are currently heavily sold. Still, while it wasn't the most exciting report, it wasn't without relevant changes either. However, prices did not move significantly. Why?" The market is likely in "waiting mode" for the March 28 Planting Intent report, when US farmers will indicate how much grain they intend to plant. “WASDE wasn’t the busiest for corn either. As with soybeans, the grain balance in the USA has not changed. The changes ...

Source: Portal Do Agronegocio