World: Corn, wheat down, soybeans mixed ahead of WASDE

Published May 11, 2023

Tridge summary

Soybeans: Brazil's soybean production is projected to increase, while Argentina's crop is expected to decrease due to drought, impacting export volumes. US export sales data was bearish, but Brazil's control of the market is evident with large bean sales. CONAB also increased its projections for Brazil's second crop and total production.

Corn: Corn market influenced by fund and technical selling. CONAB increased its record-large guesses for Brazil's second crop and total production. US old crop export sales cancellations may be due to Brazil's second crop harvest. Weather conditions could impact these projections.

Wheat: Wheat complex was lower due to fund and technical selling. US wheat sales were a marketing year low, with most purchases by Mexico. New crop sales were better, primarily to the Philippines and Mexico. Rain is too late to help in the southern Plains and will delay spring wheat planting in the northern Plains.

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

Original content

Soybeans were mixed on bull spreading. CONAB raised its outlook for Brazil’s crop again, now projected at 154.811 million tons, which would be up 23.3% from last year. Harvest is essentially over. CONAB has Brazil’s exports this marketing year at a record 95 million tons, with big soybean product sales as well due to the much smaller crop in Argentina. The Rosario Grain Exchange lowered its guess for Argentina to 21.5 million tons with the Buenos Aires Grain Exchange say it doesn’t expect any appreciable rain accumulation until September, extending the drought. 54% of Argentina’s crop is harvest, much lower than average. Still, the losses in Argentina seem to be factored in. The weekly U.S. export sales numbers were bearish at just over 2 million bushels of old crop, mainly to Indonesia and the Netherlands, with a big cancellation by unknown destinations, and fewer than 2 million bushels of new crop, primarily to Portugal and Mexico. The overall pace is on track to meet USDA ...

Source: Brownfield Ag