World: Another down day for soybeans, corn, wheat

Published 2023년 3월 9일

Tridge summary

Soybeans, corn, and wheat prices were all lower due to fund and technical selling. Brazil's soybean and corn crops are expected to be record large, but there are harvest delays. Argentina's crop estimates have been reduced. Chinese crush volumes are down due to tight supplies. Corn exports from the US are improving, but remain behind last year's pace. Russia and Ukraine continue to dominate the wheat export market. The Black Sea Grain Initiative is set to expire, and concerns about drought in the southwestern US Plains are secondary to good weather in most other wheat-growing areas.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Soybeans were lower on fund and technical selling, unable to hold onto early modest gains. CONAB lowered its outlook for Brazil’s crop slightly from last month and there are harvest delays, but it will still be record large, currently seen at 151.419 million tons. Harvest is about halfway complete with CONAB’s next round of projections out April 13th. The Rosario Grain Exchange slashed its estimate for Argentina to just 27 million tons, 7.5 million less than their last guess. Weekly 2022/23 export sales were a net reduction and a marketing year low following cancellations by unknown destinations and Pakistan. New crop sales were routine. Unknown destinations bought 184,000 tons of 2022/23 U.S. soybeans ahead of the open. China’s National Grain and Oils Information Center says domestic crush volumes were down for the third week in a row due to tight supplies. Soybean meal was firm on an oversold bounce, while bean oil dropped on questions about crude oil demand due to concerns ...

Source: Brownfield Ag