Tridge summary
Soybeans were mixed due to bull spreading as traders monitor weather conditions and slow export demand, with Brazil dominating the market. Chinese import data shows a significant increase in soybean imports compared to last year, while Brazil is projected to see a substantial rise in exports for June. Soybean meal and bean oil prices were influenced by bull spreading and concerns about global vegetable oil demand.
Corn prices were driven lower by fund and technical selling, with market focus on upcoming rain forecasts and increasing drought in the Midwest. Ethanol production figures and export data for April show a decline from the previous month, with Canada, the European Union, and India being the top destinations.
Wheat prices were influenced by fund and technical selling, as well as price advantages from Russia. Dry weather concerns in the northern U.S. Plains and planting delays are adding to the market pressure. The USDA will provide updated planted area totals and quarterly grain stocks at the end of the month.
Corn prices were driven lower by fund and technical selling, with market focus on upcoming rain forecasts and increasing drought in the Midwest. Ethanol production figures and export data for April show a decline from the previous month, with Canada, the European Union, and India being the top destinations.
Wheat prices were influenced by fund and technical selling, as well as price advantages from Russia. Dry weather concerns in the northern U.S. Plains and planting delays are adding to the market pressure. The USDA will provide updated planted area totals and quarterly grain stocks at the end of the month.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Soybeans were mixed on bull spreading. Beans are watching the weather, with some rain in the near-term forecast against a less certain medium-term outlook. Export demand for U.S. beans remains slow, with Brazil continuing to hold much of the market. The USDA’s weekly sales numbers are out Thursday morning. Chinese customs data has January through April soybean imports at 42.3 million tons, up 11.1% from last year. ANEC sees Brazil’s soybean exports for June at 13.1 million tons, which would be more than 3 million above a year ago. Soybean meal was mixed on bull spreading and bean oil was lower on questions about global vegetable oil demand. The USDA’s next supply and demand update is out Friday at Noon Eastern/11 Central.Corn was lower on fund and technical selling. The trade is waiting to see rain totals for midweek and the updated forecasts for this weekend. There’s some variance in longer term outlooks, but a couple of the midday updates did show the potential for more ...
Source: Brownfield Ag
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