Iranian feed buyer SLAL bought 200,000 MT of Brazilian corn believed to be at $230 to $240/MT CIF as well as some barley from the Black Sea and Soymeal from South America. Algeria bought 420,000 MT of French wheat.
Forecasts point to a dry bias over the next 10-12 days. Temperatures should also be above normal. The warm-up should start this weekend as the Plains hit the 80s and the Midwest sees temperatures in the 70s. First days of May should bring ample rainfall to the Midwest U.S. as well as parts of the southern Plains. The 6 to 10 day forecast advertises 1 to 2 inches of rain in key WCB growing areas but then drys out again in the 11 to 15 day time frame. The SW Plains of KS/OK are targeted in the 11 to 15 day model for a 1 to 2 inch moisture event.
Argentina Port Damage Assessment
On Wednesday an ocean vessel crashed into a key grain port in Argentina causing severe damage. Now, assessments coming in say it could take up to a year to repair, according to market sources. The port “T6” in Sante Fe has two berths so one will remain open. The expectation is this will limit shipping capacity out of that port. The facility exports up to 21% of Argentina’s soybean meal production, as well as handling corn and soybean exports.
Brazil Dryness to Continue
Limited rain is expected for Brazilian crop areas for the next 2 weeks. The dryness is adversely impact winter corn production in Parana and Mato Grosso Do Sul. A dominant high pressure Ridge aloft is featured across Central Brazil – common in winter. Once a winter type of weather pattern is established during April, its unlikely to change very much during May. This means that the Brazilian winter corn crop is likely to suffer from heat/dryness which will take yield below the historical trend.
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