Highlights
The weekly ethanol report numbers were supportive for corn prices, but the market ignored it. Ethanol production was the second highest ever for this reporting week and the ethanol inventory was down 155,000 barrels from last week.
S&P Global left their Brazilian corn production unchanged at 123 mil. mts (USDA 122) and their soybean number also unchanged at 152 mil. mts (USDA 154).
SovEcon (Andrey Sizov) cut his Russian wheat crop estimate from 82.1 mil. mts just last week to 80.7 mil. mts. The Russian ag ministry left its 2024 all grain production unchanged at 132 mil. mts, which suggests an 85 mil. mts wheat crop.
ABARE put Australia’s 2024/2025 wheat crop at 29.1 mil. mts, about 10% higher than the 10-year average.