Another down day for soybeans, corn, wheat March 9, 2023 By John Perkins Filed Under: Closing Futures / Livestock Briefs, Crops Markets, Market News
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Soybeans were lower on fund and technical selling, unable to hold onto early modest gains. CONAB lowered its outlook for Brazil’s crop slightly from last month and there are harvest delays, but it will still be record large, currently seen at 151.419 million tons. Harvest is about halfway complete with CONAB’s next round of projections out April 13th. The Rosario Grain Exchange slashed its estimate for Argentina to just 27 million tons, 7.5 million less than their last guess. Weekly 2022/23 export sales were a net reduction and a marketing year low following cancellations by unknown destinations and Pakistan. New crop sales were routine. Unknown destinations bought 184,000 tons of 2022/23 U.S. soybeans ahead of the open. China’s National Grain and Oils Information Center says domestic crush volumes were down for the third week in a row due to tight supplies. Soybean meal was firm on an oversold bounce, while bean oil dropped on questions about crude oil demand due to concerns ...
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