Mixed start to May for corn, soybeans in the US

Published 2021년 5월 3일

Tridge summary

Soybeans and corn markets experienced mixed results, with soybeans mostly higher due to tight supply and concerns about demand, while corn faced similar issues but with technical factors also at play. Despite concerns, export inspections remained strong, with Mexico and Costa Rica as the top destinations for soybeans, and China and Japan for corn. Wheat prices were lower due to profit taking and technical selling, despite near-term wet conditions in some areas and overall dry conditions expected for the long term. Despite these conditions, export inspections were down compared to the prior week and the same period last year, with China and Japan as the leading destinations. Ukraine's 2021 production estimates for soybeans, corn, and wheat are all projected to reach record highs. The USDA will release its next set of global production estimates on May 12th.

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

Original content

Soybeans were mixed, mostly higher, adjusting old crop/new crop spreads. The near-term supply continues to be very tight and beans were higher heading into Monday’s regular session, but contracts are overbought. Also, there are concerns about sustained demand at current price levels, with Brazil’s prices moving lower and Argentina’s harvest about a third of the way to the finish. StoneX estimates Brazil’s 2020/21 crop at 135.7 million tons, compared to the earlier projection of 134 million. The USDA says 24% of U.S. soybeans are planted, compared to 8% a week ago and the five-year average of 11%. The trading limit for soybeans is now $1.00 following an increase in margins by the CME Group. Soybean meal was lower on profit taking, while bean oil was mostly higher on commercial spread trade, continuing to benefit from strong global vegetable oil demand. The USDA says March’s soybean crush was 188 million bushels, up 24 million from February, but down 4 million from March 2020. ...

Source: Brownfield Ag