This week’s EU is the low-cost seller, offering wheat at $5.37/bu., according to AgResource's Dan Basse. Argentina was the low-cost corn seller at $4.08. Brazil offered soybeans at $10.09 during the month of March, but the Argentinians were selling soybeans in April under $10 for the first time this season. The U.S. export campaign is in seasonal decline.
An update from South American analyst Pedro Dejnka: “The market awaits details of an agreement among the government, the trucking industry and private truck drivers in Brazil. The main sticking point is the proposal for set minimum freight rates. Sources tell us the chances of such a measure being approved is slim, which could flare up some nerves leading up to the March 26 meeting.
The Brazilian soybean harvest is now 60% complete, Djenka says. “The second corn crop is planted and farmers in Argentina planted more winter corn than expected. South America is poised to harvest a record 6 billion bushels or 165 million metric tons of soybeans this year.
The markets are closely watching the U.S. dollar and weather at the start of the northern hemisphere weather season.
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