News

US: Down day for soybeans, corn, and wheat ahead of USDA reports

Wheat
Published Mar 28, 2024

Tridge summary

The article discusses recent trends in the agricultural commodities market, noting a decline in the prices of soybeans, corn, and wheat. This downturn is attributed to a mix of profit taking, technical selling, and favorable weather conditions. Specifically, soybean prices were impacted by anticipation of USDA reports, Brazil's harvest progress, and export demand. Corn prices were slightly down due to fund and technical selling, with an eye on weather conditions and U.S. export competitiveness. Wheat prices fell due to similar reasons, alongside slow export demand challenged by Russia and Ukraine's market presence. Additionally, the market is looking forward to the USDA's Prospective Plantings report, Quarterly Grain Stocks, and weekly export sales data for further direction.
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 lower on profit taking and technical selling. Beans gave back part of Monday’s gains, waiting for Thursday’s USDA numbers. The USDA’s Prospective Plantings report, Quarterly Grain Stocks, and weekly export sales numbers are all out on the 28th. Soybean meal and oil were also down on profit taking, with oil kicking off the pressure due profit taking in palm oil. Brazil’s basis is moving higher as their harvest nears the 75% mark, but remains below the U.S., limiting export demand. The trade is also keeping watch on early harvest activity in Argentina and conditions stateside ahead of widespread planting. Early expectations are for a decline in U.S. planted area and export sales numbers will be watched closely for signs of new demand from China.Corn was modestly lower on fund and technical selling. Corn is monitoring conditions ahead of widespread planting, with this week’s precipitation recharging soil moisture to some extent. Still, there are many key U.S. growing ...
Source: Brownfield Ag

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