Tridge summary
Soybeans experienced a decline due to profit taking, technical selling, a stronger dollar, and a pause in crude oil gains, alongside concerns over China's zero-COVID policy and potential impact on demand. U.S. harvest activity continues with mixed soybean futures trade, despite bullish crush margins. Export sales to China and Spain were down, and crush margins remain strong. Corn prices fell due to macroeconomic factors, including recent interest rate hikes, and focus is on South American weather and U.S. harvest progress. Domestic demand and weekly export sales improvements support the market, despite slower than anticipated exports. Wheat prices were mostly lower, consolidating after a significant drop, with concerns about Black Sea region instability, U.S. winter wheat planting, and weather challenges in key wheat-producing countries like Argentina and Australia.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Soybeans were lower on profit taking and technical selling, along with higher trade in the dollar and a lower move in crude oil. China appears to be continuing its zero-COVID policy, contrary to earlier reports, which would impact demand. There’s some weekend rain in the forecast for South America ahead of a drier pattern. U.S. harvest activity is ongoing with some areas likely to wrap up in the next few says. The USDA’s next set of supply, demand, and production numbers is out November 9th, the same day as CONAB’s updated outlook for Brazil. U.S. soybean export sales were down on the week, back under a million tons, primarily to China and Spain, with a cancellation by unknown destinations. Soybean meal futures were lower on commercial selling and soybean oil was mixed on bear spreading, with nearby contracts backing off after hitting established highs for the move. Crush margins remain bullish.Corn was lower on fund and technical selling. The macroeconomic picture is seen as ...
Source: Brownfield Ag
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