Commercial demand pulls soybeans higher in the US

Published 2023년 3월 6일

Tridge summary

Soybeans are experiencing an increase due to commercial and technical buying, despite harvest delays in Brazil and drought in Argentina. Only 35.4% of Brazil's 2022/23 soybean crop has been sold. Soybean meal is the most bullish part of the complex due to strong domestic demand. Corn is modestly lower due to expectations of a reduced export guess and raised ending stocks. Japan and unknown destinations have bought U.S. corn for 2022/23 delivery, indicating that the anticipated export window may be opening. The wheat complex is lower due to slow export demand, with Russia holding most of the market share. The trade is waiting to see if the Black Sea Grain Initiative will be extended beyond the 18th.

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

Original content

Soybeans were higher on commercial and technical buying. Near-term forecasts have more harvest delaying rain in parts of central and northern Brazil against continued drought in Argentina. CONAB’s updated monthly outlook for Brazil is scheduled for Thursday. Safras e Mercado says 35.4% of Brazil’s 2022/23 soybean crop has been sold, considerably slower than normal. Soybean meal is the most bullish part of the complex thanks to strong domestic demand, blunting any bearish impact from the lack of improved export demand as Argentina’s crop fails. Argentina is typically the world’s largest exporter of soybean products and while U.S. meal was expected to help fill the void, it hasn’t happened. Soybean oil was lower on the adjustment of product spreads. Just past the halfway point of the marketing year, 2022/23 U.S. soybean export inspections were down on the week and the year, but still ahead of 2021/22 and more than what’s needed to meet USDA projections. The top destinations were ...

Source: Brownfield Ag