Grain Comments: 03-08-2024

Good morning:

The grains are adjusting positions ahead of the March USDA report, though few surprises are expected from the government this time around; Brazilian production estimates are in focus, though, with the USDA presumably having some work to do to get those in line with trade consensus.

The Buenos Aires Grains Exchange yesterday said 80% of Argentine soybeans are in “normal to excellent” condition thanks to recent rains, with 72% of soybean acreage at “normal to adequate” soil moisture.

Monday’s Statistics Canada planting intentions report is expected to show all Canadian wheat plantings for 2024 at 26.7 million acres, down from 27.0 mln ac in 2023, with spring wheat at 19.3 mln vs 19.5 mln ac last year. Canola seedings are seen at 21.6 mln ac, down from 22.1 mln in 2023, with corn at 3.7 mln ac (vs 3.8 mln ac LY) and soybeans at 5.6 mln ac (even with 2023).

Rains and mixed precipitation are active in the Midwest this morning after decent totals for the southern belt over the past 24 hours; action continues through Saturday before a drier start to next week, then a wetter 6–10-day period again (followed by a drier 11-15 day). Temperatures remain warm into late March.

Argentina was mostly dry yesterday, but good rains move in into early next week; Brazilian rains were widespread over the past 24 hours and coverage looks strong throughout corn and soybean areas over the next five days.

Have a great day!