Soybeans give back gains, corn and wheat mixed in the US

Published 2023년 5월 8일

Tridge summary

Soybeans experienced a decline due to profit taking and technical selling, despite expectations for a increased planting report from the USDA, which showed 35% of U.S. soybeans planted, surpassing the average. Rainy weather may affect future planting progress. Brazil's soybean harvest is nearing completion, while Argentina's smaller crop is factored in. U.S. export inspections were down, but the 2022/23 season is slightly ahead of the previous year and in line with USDA projections.

Corn markets saw steady to minor declines, influenced by planting conditions and weather concerns. The USDA's next supply and demand projections will provide insight into potential export adjustments. Argentina's planting faces challenges due to dry conditions.

The wheat complex exhibited mixed results, with some markets experiencing gains due to weather-related concerns like droughts and slow planting paces, while others saw declines amid uncertainty from the Black Sea Grain Initiative and potential export restrictions. Despite these challenges, U.S. export inspections remain on track to meet USDA expectations for the 2022/23 marketing year, which starts on June 1st.

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. The trade was expecting the USDA to report a solid week-to-week increase in planting, even after rain in parts of the region last week. The USDA says 35% of U.S. soybeans are planted, compared to the five-year average of 21%, with 9% emerged, compared to 4% on average. There’s more rain in the forecast during this week for parts of the region, while other areas could continue to see a drier pattern. In South America, Brazil’s record harvest is nearly over while the much smaller crop in Argentina appears to be factored in. The big issues for Brazil are the storage and transportation of that record crop. The USDA says U.S. export inspections were down on the week and the year, mainly to Indonesia and China, but 2022/23 is now slightly ahead of 2021/22 and remains on pace to meet or exceed USDA projections. The second half of the current marketing year starts June 1st. Soybean meal was mostly higher, adjusting spreads, and ...

Source: Brownfield Ag