Well-timed rains in the US snipe soybean prices

Published 2022년 8월 3일

Tridge summary

Grain prices were mixed but mostly lower in midweek trading, with soybean prices taking a moderate hit on the prospect of some "just in time" rains expected across the central U.S. later this week. Winter wheat prices also trended lower, while ethanol production rose to the highest level in over a month. Private exporters reported the sale of 135,000 metric tons of soybean cake and meal for delivery to Poland during the 2022/23 marketing year. Ukraine's prime minister says its 2022 forecast for grain production should come in around 65 to 67 million metric tons, up from earlier estimates of 60 MMT. Algeria, South Korea, Tunisia, and Jordan have all made significant grain purchases.

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

Original content

Grain prices were mixed but mostly lower in midweek trading. The latest weather forecasts suggest enough timely rains will land on parched soybean fields and lift (or at least protect) yield potential, which trimmed prices by around 0.7% on Wednesday. Winter wheat prices also trended lower, losing as much as 1%. More rains are coming to the eastern Corn Belt later this week, with some areas set to gather another 1.5 inches or more between Thursday and Sunday, per the latest 72-hour cumulative precipitation map from NOAA. Parts of the Central Plains and most of Iowa will receive no measurable moisture during that time, in contrast. NOAA’s new 8-to-14-day outlook predicts a return to seasonally dry weather for the Northern Plains and upper Midwest between August 10 and August 16, with warmer-than-normal conditions likely for most of the central U.S. On Wall St., the Dow climbed 464 points in afternoon trading to 32,861 after a healthy dose of new durable goods orders and ...

Source: Prairie Grain Partners