US soybean and corn weak on profit taking

Published 2021년 9월 13일

Tridge summary

Soybeans experienced a slight decline due to profit taking and technical selling, despite the USDA's increased production and yield estimates. The market remains tight ahead of harvest season, with 57% of U.S. soybeans in good to excellent condition. Mysterious buyers booked 132,000 tons of the 2021/22 U.S. soybeans, primarily for China, but trade disruptions from Hurricane Ida have affected export inspections. South American conditions are of particular interest for future planting. Soybean meal prices increased due to commercial buying, while bean oil was mixed.

Corn prices also fell due to profit taking and technical selling, amid concerns about U.S. development weather and harvest conditions. Despite 58% of U.S. corn being in good to excellent condition, export inspections were down compared to the previous year. Russia's corn exports have decreased by 63.9% from the same period last year.

Wheat prices were mixed, with Chicago and Minneapolis prices decreasing in the nearby months and increasing in the far-off deferred contracts, while Kansas City prices remained firm. The U.S. spring wheat harvest has concluded, and winter wheat planting is progressing. Russia's wheat exports have also decreased by 21.6% year-over-year.

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

Original content

Soybeans were modestly lower on profit taking and technical selling. It was an up and down day for beans following the gains after Friday’s bearish USDA numbers. The USDA raised production, yield, and domestic ending stocks estimates last week. Still, that ending stocks projection remains on the tight side of things ahead of widespread harvest activity. U.S. weather generally looks dry this week aside from rain in northern and southern portions of the growing area. The USDA says 57% of U.S. soybeans are in good to excellent condition, unchanged on the week, with 38% of the crop dropping leaves, compared to the five-year average of 29%. Unknown destinations bought 132,000 tons of 2021/22 U.S. beans, pushing the announced total for the month to 758,000 tons, most of that to China. The USDA’s export inspections report showed the continued effects of trade disruptions in southern Louisiana following Hurricane Ida. The weekly total was less than a tenth of the year ago numbers, ...

Source: Brownfield Ag