Tridge summary
Soybeans prices increased due to commercial and technical buying, with a focus on U.S. planting and development weather. The USDA reported 19% of U.S. soybeans planted, higher than the average of 11%. Brazil's basis has increased due to slow farmer selling, which could help U.S. exports. Last week's soybean export inspections were up compared to the previous week, but down year-over-year, primarily to China and Germany.
Corn prices were mostly lower, influenced by U.S. conditions and expecting the USDA to report planting progress around 20%. As of Sunday, 26% of corn was planted, matching the average. Export demand is currently low, but could increase if the Black Sea Grain Initiative collapses.
Wheat prices experienced a significant decline due to fund and technical selling, as well as a higher dollar. Recent rain in the southern Plains may have boosted crop ratings. U.S. wheat inspections last week were lower than the previous week and year ago, primarily to Egypt and Kenya.
Corn prices were mostly lower, influenced by U.S. conditions and expecting the USDA to report planting progress around 20%. As of Sunday, 26% of corn was planted, matching the average. Export demand is currently low, but could increase if the Black Sea Grain Initiative collapses.
Wheat prices experienced a significant decline due to fund and technical selling, as well as a higher dollar. Recent rain in the southern Plains may have boosted crop ratings. U.S. wheat inspections last week were lower than the previous week and year ago, primarily to Egypt and Kenya.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Soybeans were higher on commercial and technical buying. Beans continued to bounce off the recent lows, watching U.S. planting and development weather. The USDA says 19% of U.S. soybeans are planted, compared to the five-year average of 11%. Brazil’s basis has moved higher due to slow farmer selling, which could help U.S. exports. Additionally, Argentina’s resumption of the “soy dollar” program hasn’t sparked a lot of interest. Last week’s soybean export inspections were up on the week, down on the year, mainly to China and Germany. The pace remains ahead of what’s needed to meet projections for the current marketing year. Brazil continues to hold most of the export market share. CONAB’s updated outlook for Brazil is set for May 11th, with updated USDA supply and demand numbers out May 12th. Soybean meal and oil were mostly higher on the tone in beans. The USDA says March’s soybean crush was 198 million bushels, up 21 million from February and 5 million from March 2022.Corn was ...
Source: Brownfield Ag
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