10/30/20 8:00am
Brazil saw some beneficial rains for planting earlier this week but forecasts for all of South America are not looking great in that respect, heading into the end of the week. Analysts are not yet overly concerned on moisture levels there but November arrives next week, and Brazil can’t afford crop shortages with China buying up all the supplies it can at this point.
Brazilian President Bolsonaro said the country has imported 400k tonnes of rice from the U.S. and they’re “now importing soybeans”, confirming rumors earlier this week with traders saying that the economics do work for imports from the U.S. Brazil has imported 528k tonnes of soybeans over the first nine months of the year, mostly from the various Mercosur countries.
Argentina was dry over the past 24 hours and will remain so right up through the 6-10 day time frame; Brazil saw scattered rains mostly in the north and that will be the trend over the next five days as well, with action shifting even further out to the north for the 6-10 day, as southern areas remain very dry.
Weekly corn export sales hit their highest level since early 2018 at 88.3 million bushels (the third-highest total in the last five-plus years besides a pair of 93 and 98 mbu weeks in ’17/18), up from 72.1 mbu last week and 21.6 mbu on the same week last season. Cumulative sales cleared the 1.2 billion-bushel mark, the fastest pace on record by more than 100 mbu (ahead of ’07/08) and up 755 mbu from last
year’s early pace, with the USDA still looking for a 547- mbu entire-year corn export increase for the ‘20/21 season.
