Tridge summary
Soybeans and crude oil prices influenced by OPEC's production cut, with soybean oil receiving additional support from a significant sale. Soybean meal prices experienced a decline due to profit-taking. Early planting delays and potential competition from Brazil are factors to watch in the market. Corn prices are mixed, partly due to crude oil prices and support from Mexico's corn purchases. Ethanol production figures for February show a decrease from January and the previous year. The wheat market is mixed, with concerns about drought and planting delays in the southern Plains, and competition increasing due to Ukraine's dominant grain export position, potentially leading to import taxes and industry nationalization in Eastern Europe. France's winter wheat condition report shows 94% of the crop in good to excellent condition, but overall, the marketing year for soybeans, corn, and wheat is not meeting the previous year's pace.
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, carrying over some of last Friday’s momentum. Beans followed bean oil which followed a sharply higher move in crude oil following a surprise production cut by OPEC due to the link between biofuels and fossil fuels. Soybean oil had additional support from the sale of 20,000 tons of 2022/23 U.S. soybean oil to unknown destinations. Soybean meal was down on profit taking. The trade is monitoring the potential for early planting delays in some areas, while trying to both position itself to buy back some acres from corn, depending on the duration of those delays, and ration demand to some degree. Near-term supplies are tight and Brazil already has a significant price advantage to U.S. beans. Export inspections were down from last week and last year at just shy of 500,000 tons, mainly to China and Indonesia. The 2022/23 pace remains just ahead of 2021/22. The USDA says 177 million bushels of soybeans were crushed in February, a ...
Source: Brownfield Ag
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