USA: Argentine crop woes support soybeans, wheat eases after the rally
Wheat
Maize (Corn)
Soybean
United States
Published Mar 30, 2023
Tridge summary
Chicago soybean futures were little changed on Wednesday, holding near last session’s one-week high on concerns over lower production in drought-hit Argentina. Wheat and corn fell in positioning ahead of Friday’s annual U.S. Department of Agriculture (USDA) planting intentions report.
Original content
FUNDAMENTALS * The most-active soybean contract on the Chicago Board of Trade (CBOT) rose half a cent to $14.68-1/2 a bushel, as of 0010 GMT. Wheat fell 0.4% to $6.97 a bushel and corn quarter of a cent to $6.47 a bushel. * Argentina’s Buenos Aires grains exchange maintained its 2022/2023 production forecasts for both soybean and corn on last week, but cautioned further cuts were possible with yields on the first batches of soy coming in below expectations. * The exchange, which has been forced by a historic drought hitting the country to repeatedly sharply cut soybean and corn harvest forecasts, held its soybean estimate at 25 million tonnes and its corn outlook at 36 million tonnes. * Agricultural markets are likely to seek direction from U.S. planting report due on Friday. * Analysts polled by Reuters ahead of the report on average expect 2023 corn plantings at 90.880 million acres, wheat at 48.852 million acres and soybeans at 88.242 million acres. * Ukraine’s grain exports ...
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