Another round of losses in soybeans, corn, and wheat in the US

Updated Mar 1, 2023
Soybeans were sharply lower on fund and technical selling. Traders liquidated positions at the end of the month with under the influence of slower demand due to Brazil’s record crop. That record crop in Brazil should cancel out drought losses in Argentina. The USDA’s updated supply and demand outlook is out March 8th, while CONAB’s new outlook for Brazil’s crops is set for March 9th. Soybean meal and oil were lower on liquidation and a lack of new export demand even as crops wither in Argentina, which is normally the world’s biggest exporter of soybean products. That said – domestic margins and demand remain bullish.
Corn was lower on fund and technical selling. Corn liquidated on the first notice day for March contracts, watching second crop planting in Brazil, expecting a big crop, even if some of it is planted a little later than would be ideal. Similar to soybeans, a big enough crop in Brazil would cancel out the losses due, largely, to drought in Argentina. Midwest conditions generally look good ahead of widespread spring planting. The USDA’s prospective planting and quarterly grain stocks numbers are set for March 31st. The U.S. Energy Information Administration’s weekly ethanol production and supply numbers are out Wednesday.The wheat complex was lower on fund and technical selling, along with the late day rally in the U.S. dollar. Wheat is technically oversold and domestic demand is good, but slow export sales and strength in the dollar relative to other currencies are big bearish factors. Russia continues to control most of the export market due to their price advantage, with Ukraine ...
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