United States: A bearish end to a short week for soybeans, corn, and wheat

United States
Market & Price Trends
Maize (Corn)
Published Nov 25, 2023

Tridge summary

Soybean prices fell due to selling by funds and technical factors, although Brazil's weather has improved with recent rain. Despite planting issues, most sources predict another record crop in Brazil. China and unknown destinations bought US soybeans, but overall export sales were lower than average.

Corn prices also declined due to fund and technical selling, with concerns about soybean planting delays in Brazil affecting second crop corn acreage. US export sales were down, but Mexico and Japan were the primary purchasers. Brazil's weather outlook remains uncertain, potentially impacting corn production.

Wheat prices were lower due to fund and technical selling, with slow export demand for US wheat being the main bearish factor. China's purchase of SRW earlier in the week slightly boosted the March Chicago contract. The pace of wheat sales remained slower than the previous year, with Japan and Egypt being the main buyers. Slow demand counteracted any support from tighter US supplies and global weather issues, and India's drier weather may lead to reduced wheat planting and potential import tariff reductions.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

For all of the issues with planting in Brazil, most outlets are still projecting another record crop. CONAB’s updated outlook for Brazil will be out December 7th, followed by the USDA’s next supply, demand, and production report on the 8th. Friday morning, unknown destinations and China both bought U.S. soybeans, 323,400 and 129,000 tons, respectively, for 2023/24 delivery. The USDA’s weekly numbers showed a big drop, with beans failing to break 1 million tons, despite solid demand from China and good sales to Spain. Unknown destinations did cancel on nearly a half million tons. Soybean meal was modestly lower and soybean oil fell sharply on technical selling and the bearishness in beans.Corn was lower on fund and technical selling, pulling the most active months to weekly losses. Corn is watching late U.S. harvest activity and the weather in Brazil, with soybean planting delays expected to impact second crop corn acreage. Stateside, some delays are probable in parts of the ...
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