Tidbits
Yesterday morning, USDA announced the sale of 152,404 mts of old crop soybeans to Mexico.
Datagro expects to see Brazil’s April soybean exports at 10.65 mil mts vs. 14.05 in April 2023 and corn exports 25,000 mts vs. 176,000 mts in April 2023. Does that indicate a short safrinha crop coming? Not much old crop corn left? Maybe both? Maybe none of the above.
Brent Crude oil’s surge above $91 a barrel on escalating geopolitical tensions, WTI is above $86. The Department of Energy announced it will suspend purchasing oil for the US Strategic Petroleum Reserves (SPR) and canceled recent mid-March purchases for the fall delivery. The President had promised, more than a year ago, to refill the SPR after draining stocks to 40 year lows to keep US gasoline prices low. SPR stocks are at 363 million barrels and down 227 million barrels since Biden's inauguration.