Argentina’s latest preferential exchange rate for soy exports will be adjusted in September to maintain the preferential rate and encourage sales during the ongoing wicked domestic inflation.
StatsCan reported 23/24 soybean production is expected at 6.735 MMT, compared to 6.543 MMT last season and 6.7 expected. Canola output came in about 160k MT above the average trade guess but still a 1.1 MMT loss yr/yr with 17.561 MMT reported this morning. Full run of estimates was 16.1 MMT to 18.6 MMT going in. Canadian Canola Prices are ~$10 off their highs so far, but still $3 to $4 CAD/MT higher at midday.
USDA’s Crop Progress report had 91% of the national soybean crop with set pods, and 5% dropping leaves as of 8/27. The weekly report lowered national soy conditions by 2 points on the Brugler500 Index to 350.
Sep 23 Soybeans closed at $13.84 1/4, down 11 cents,
Nearby Cash was $13.76 1/8, down 13 cents,
Nov 23 Soybeans closed at $13.94 3/4, down 11 cents,
Jan 24 Soybeans closed at $14.06 1/4, down 10 1/4 cents,
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