US: Soybeans manage modestly higher finish

Published 2024년 8월 21일

Tridge summary

Soybeans experienced a modest increase due to short covering and technical buying, with near-term forecasts showing warmer and drier conditions that could cause stress. Despite some variability in pod counts, the trade expects record or near-record large yield and production numbers. China and unknown destinations have purchased 1,066,492 tons of 2024/25 U.S. soybeans, following a decline in price. Corn prices were mostly weak, with mixed late development conditions and concerns about pest and weather in Argentina. The wheat complex saw lower prices due to pressure from global wheat prices and a larger crop guess in China. Demand for U.S. wheat has improved due to lower prices and quality issues in other countries.

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

Original content

Soybeans were modestly higher on short covering and technical buying, with most months near the high end of the day’s range. Near-term forecasts are warmer, and drier for parts of the region, potentially causing stress. A major crop tour has shown some variability in pod counts, but at this stage, the trade is still anticipating record or near-record large yield and production numbers this year. Ahead of the open, China bought 132,000 tons of 2024/25 U.S. soybeans and unknown destinations picked up 121,000 tons. That’s the third day in a row with an announced sale of new crop U.S. soybeans for a running total of 1,066,492 tons. This upswing in export demand for U.S. soybeans follows the decline in price. While the improved demand is impressive, China is still also buying from Brazil. ANEC estimates August soybean exports by Brazil at 8.16 million tons, compared to last week’s guess of 8.18 million. The USDA’s weekly U.S. sales numbers are out Thursday morning. Soybean meal and oil ...

Source: Brownfield Ag