Soybean prices were lower due to selling from funds and technical factors, but still closed mixed for the week. Planting progress in Brazil and Argentina is progressing well, with favorable weather conditions expected in South America. China and unknown destinations bought a significant amount of US soybeans, fulfilling trade rumors. Soybean meal and oil prices were down due to selling from funds and a slowdown in export demand. Corn prices were slightly higher due to short covering and technical buying. Market participants are closely watching planting and development conditions in Argentina and Brazil, as well as the end of the US harvest. US export prices for corn are the best in the market, leading to strong sales, particularly to Mexico. Corn for ethanol use increased in October, and ethanol margins remain positive. Wheat prices were mostly higher, with Chicago and Kansas City markets up, driven by slower movement out of the Black Sea region and tighter domestic supplies. US soft red winter wheat is becoming more competitive globally, and China was the leading buyer last week. Wheat prices are also supported by weather issues and lower quality in Australia due to heavy rain. US winter wheat conditions are generally better than the previous year, although some areas in the central and southern Plains are still affected by drought.
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.
Soybeans were lower on fund and technical selling, still closing mixed for the week. Planting in Brazil is past 75% and Argentina is nearing the halfway point, with near-term improvements in weather in much of South America. Forecasts have the potential for more rain in central Brazil into mid-month, but southern Brazil remains excessively wet. Unknown destinations and China bought a combined 330,000 tons of 2023/24 U.S. beans, bringing the total for the week to 587,300 tons. That fulfills some of the trade rumors from the past week. Soybean meal and oil were down on fund selling and the recent slowdown in export demand for products. That slowdown is despite a decline in farmer selling in Brazil due to uncertainties about this year’s crop and many Argentina farmers suspending sales until the inauguration of their new president. The USDA says October’s soybean crush was a record for any month at 201 million bushels, 26 million more than the previous month and 4 million higher than ...