Tridge summary
Soybeans experienced a decline due to profit taking, technical selling, and broader market influences, with concern over hot, dry weather in Argentina impacting production. Despite these challenges, Brazil is on track for a record soybean crop, which could mitigate losses elsewhere in South America. Soybean meal and bean oil also saw declines. Corn prices were also affected by profit taking and external factors, with slow U.S. exports and decreasing ethanol demand. Attention is turning to weather conditions in Argentina and Brazil. Wheat prices fell due to profit taking, technical selling, and the stronger dollar. The ongoing conflict between Russia and Ukraine is affecting wheat exports from the Black Sea region, and precipitation is lacking in hard red winter wheat in the southwestern U.S. Plains.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Soybeans were sharply lower on profit taking and technical selling, in addition to spillover from the broader market. Soybeans continue to monitor weather in South America, with more hot, dry weather in Argentina impacting production potential. That’s also affecting parts of southern Brazil, but conditions in the rest of that nation are good and Brazil still appears to be on pace for a record soybean crop, which could help offset losses elsewhere in South America. Very early harvest results in Brazil are in-line with expectations. Seasonal trends have opened up a brief window for U.S. soybean exports and substantial crop loss in Argentina would likely lead to improved demand for U.S. soybean products. Soybean meal closed lower Tuesday, unable to hold onto early gains, while bean oil fell on spillover from crude oil. The USDA says 189 million bushels of soybeans were crushed during November, down 8 million from October and 2 million from November 2021, with bean meal and oil stocks ...
Source: Brownfield Ag
Would you like more in-depth insights?
Gain access to detailed market analysis tailored to your business needs.
Related market data
What to read next
Read more relevant content
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes. To learn more about our cookies, please read our Privacy Policy.