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7000 tonnes less per ship; water levels are about 3 feet above the zero point used by captains, nearly 10 feet below normal.
Brazilian firm Datagro cut their 2020/21 corn production estimate from 109.3 to 105.5 MMT (still well above StoneX Brazil
’
s 100.0 MMT), with soybeans up from 135.5 to 136.3 MMT this month.
Brazilian exporting agency Anec estimated calendar 2021 corn exports at 32 MMT, down 1.6 MMT from 2020, with soybean shipments at 83 MMT, breaking the 2018 record of 82.88 million tonnes.
Argentina
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s Ag Ministry estimated forward sales of the 2020/21 soybean crop at 16.4 MMT, behind 20.8 MMT at this point last season; corn sales stand at 24.5 MMT, down 850k tonnes from the comparable point last year.
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This mornings news told us export grain sales were down and those who grabbed onto that bit of news might have said the markets should not have been up. I think we should take a look at the rest of the news items from this morning.
I listed them from the stoneX newsletter. one quoted news item usually doesn t tell the whole story.
July corn led a strong overnight volume tally with December not far behind, and both carving out fresh contract highs; BRZ safrinha corn forecasts are still dry and the market remains concerned about global supply.