March 20, 2024 Mexico will raise corn imports by 5%; soybean futures are up overnight.
During the night, soybean futures saw gains
Amid apprehensions regarding the weather in South America, soybean futures saw an overnight increase.
Brazil, the nation that exports the most soybeans worldwide, has seen patchy, hot weather in some areas, which has negatively impacted crop prospects.
Production is expected to decline by 5% annually, according to Brazilian consultancy Conab.
A prior forecast of 156 million metric tons was replaced with 155 million when the U.S. Department of Agriculture stated earlier this month.
As per the USDA, Brazil’s production hit a record 162 million metric tons last year.
According to Maxar agricultural meteorologist Don Keeney, rain in Argentina’s northern growing regions could delay the drydown of corn and soybeans.
He wrote a note to clients predicting rain through Monday, favoring parts of Buenos Aires, Cordoba, Santa Fe, and Entre Rios.
Major Events of March 20, 2024, Today
Mexico will raise corn imports by 5%; soybean futures are up overnight.
During the night, soybean futures saw gains
Amid apprehensions regarding the weather in South America, soybean futures saw an overnight increase.
Brazil, the nation that exports the most soybeans worldwide, has seen patchy, hot weather in some areas, which has negatively impacted crop prospects.
Production is expected to decline by 5% annually, according to Brazilian consultancy Conab.
A prior forecast of 156 million metric tons was replaced with 155 million when the U.S. Department of Agriculture stated earlier this month.
As per the USDA, Brazil’s production hit a record 162 million metric tons last year.
According to Maxar agricultural meteorologist Don Keeney, rain in Argentina’s northern growing regions could delay the drydown of corn and soybeans.
He wrote a note to clients predicting rain through Monday, favoring parts of Buenos Aires, Cordoba, Santa Fe, and Entre Rios.
After yesterday’s price increase, grain futures saw a decrease overnight due to profit-taking. After yesterday’s increase in futures, investors who were long the market or had bet on higher prices most likely sold contracts and liquidated their holdings.
Overnight on the Chicago Board of Trade, soybean futures for May delivery increased 5 1/4 to $11.90 3/4 per bushel. In a short ton, soy oil gained 0.17½ to 48.31¢ per pound, while soymeal added $2 to $335.90.
Futures on corn were down one penny to $4.38 1/2 a bushel.
Kansas City futures dropped 6 1/2¢ to $5.76 1/2 a bushel, while wheat futures for May delivery dropped 5 1/2¢ to $5.47 a bushel.
- USDA says Mexico will increase imports of corn The USDA’s Foreign Agricultural Service stated in a report that due to rising demand, Mexican corn imports are expected to increase in the 2024–2025 marketing year.
According to government forecasts, corn imports are expected to rise by 5% annually to 22 million tons, “to meet the increasing demand for starch and animal feed production.” China is the top importer of grains worldwide, with Mexico coming in second.
Corn imports will increase, according to the USDA, due to “growing demand from livestock producers and processors and relatively lower forecast corn prices compared to previous year.”
Because of its close proximity, exportable supply, and supply chain logistics, the U.S. imported more than 85% of Mexico’s corn in 2023, according to the agency.
Due to more planted area and lower abandonment, Mexican corn production is expected to increase by 7% to 25 million metric tons in the 2024–2025 growing season, which begins on October 1.
According to USDA, “farmers are expected to be encouraged to increase their planted area by optimism about a return to average rainfall and moisture levels following a year of exceptional drought.” “In addition, since 78% of domestic corn production is rainfed, a return to average rainfall would minimize damaged hectares.”
- Minnesota and North Dakota anticipate snowfall.
The National Weather Service says there will be snow in most of North Dakota starting this evening and continuing through tomorrow night.
As per the NWS report released early this morning, the first round of snow is expected to start tonight, with the highest chances of precipitation occurring on Thursday afternoon and evening.
In the state, it can get up to 6 inches.
The agency said that two to five inches of snow may fall in some areas of northern South Dakota and west central Minnesota.
Wildfire conditions are expected in central Indiana due to windy and dry weather.
This morning and this afternoon, the NWS predicted wind gusts of 20 to 30 mph. You can expect a 15% drop in relative humidity.