International

Brazil’s Conab has revised up its 2023-24 soybean crop by 1.2 million tonnes (Mt) to 147.7Mt. Corn production was raised 600,000t to 111.6Mt, both still well below USDA numbers. As at May 12, the 2023-24 soybean harvest was 96pc complete vs 97pc in the previous year, with heavy rainfall preventing fieldwork in Rio Grande do Sul, while also lowering productivity and quality. Losses could reach between 20pc and 100pc, depending on the localised severity of the flood and the stage of crop development. Brazil’s first  maize harvest is 68pc complete vs 72pc a year ago, as dry weather in Mato Grosso aided fieldwork, albeit with crop losses seen in Rio Grande do Sul due to the floods. Wheat planting is 21pc complete vs 25pc a year ago.

South American crop consultant Dr Michael Cordonnier cut his Argentine soybean crop by 1Mt to 50Mt due to disappointing yields in far northern and far southern production areas, and the potential for frost impacts on some later-developing soybeans. After the recent string of cuts to the Argentine corn crop due to losses from corn stunt disease, Cordonnier left his estimate at 47Mt. He has a neutral to lower bias toward both crops in Argentina. For Brazil, his estimates were unchanged at 147Mt for soybeans and 112Mt for corn.

The US’ National Oilseeds Processors Association is advocating for higher tariffs on Chinese used cooking oil (UCO), which it claims undermines US crops used for biofuels. NOPA seeks to raise the current 15.5pc levy to match tariffs on other clean energy sources. US soybean processors are concerned that increased imports of used cooking oil are eroding their profits and jeopardising plans to expand US crushing capacity for biofuels. However, UCO is not mentioned in the fact sheet, nor is it addressed in an accompanying statement outlining new tariff increases.

According to scouts on the first day of the Wheat Quality Council’s annual crop tour, Kansas HRW wheat yields were estimated above a year ago, thanks to rains late last year that boosted fields before conditions recently turned drier. Yields were estimated at 43.6 bu/acre after nine stops on one route. That’s up from 37.7 bu/acre on the same route last year.

Japan’s MAFF is seeking 121,516t of wheat from the US, Canada and Australia in a regular tender that will close late on Thursday.

US private exporters reported sales of 405,000t of corn to Mexico. Of the total, 135,000t is for delivery during the 2023-24 marketing year and 270,000t for 2024-25.