United States: Down day for soybeans, corn ahead of USDA reports
Wheat
Published Mar 28, 2024
Tridge summary
The agricultural markets for soybeans, corn, and wheat have seen slight fluctuations due to a mix of technical selling, weather conditions, and global trade dynamics. Soybean prices were impacted by lower bean oil and palm oil prices, alongside Brazil's harvest which, despite lower yields than last year, maintains a price advantage. Corn prices faced uncertainty following the discovery of HPAI in dairy cattle, affecting feed demand predictions. Wheat prices showed mixed reactions, influenced by Russian attacks on Ukrainian ports and the intricacies of global exports. Upcoming agricultural reports from the USDA and others, along with logistical issues like the collapse of Baltimore’s France Scott Key Bridge, are also affecting market sentiments.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.
Original content
Soybeans were modestly lower on fund and technical selling. Soybeans saw another round of spillover from bean oil and palm oil, this time sparked by lower moves in China ahead of the U.S. open. Soybean meal was mixed at times, eventually closing lower under the influence of beans and bean oil. Brazil’s harvest is ongoing, still holding their price advantage over the U.S. despite a higher basis. AgroConsult says Brazil’s average yields are below a year ago, not a real surprise given the issues faced during planting and development. The USDA’s next set of supply, demand, and production numbers is out April 11th, along with CONAB’s updated outlook for Brazil. ANEC sees Brazil’s March soybean exports at 13.49 million tons, a little less than the 14.01 million projected last week. Long-term logistical questions for shipping connected to the collapse of Baltimore’s France Scott Key Bridge are also a bearish factor.Corn was modestly lower on fund and technical selling. The trade ...
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