EU wheat has been the cheapest in the world this week, offered at $5.41/bu. Ukraine corn claims the low-price ranking at $4.11 and Argentine beans at $10.03, reports Dan Basse at AgResource. “Brazilian corn is priced well below the U.S. Gulf all the way into October,” he adds.
South American analyst Pedro Djenka reports Brazil’s CONAB will update its estimate for the nation’s crops tomorrow, with soybeans perhaps above 94 MMT and corn north of 78.5 MMT. “However, the exact number attached to Brazil’s bean crop is no longer relevant. South America is headed for production of 165 MMT—a new record by more than 10 MMT.”
He reports the fire at the port at Santos is almost extinguished and should have no effect on shipments. “Brazil may possibly export a record 8 MMT this month.”
Finally, according to Djenka, weather has been favorable for Brazil’s winter corn crop, which could yield 80 MMT this year.
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