News

More liquidation in soybeans, corn, wheat

Wheat
Market & Price Trends
Published Feb 24, 2024

Tridge summary

Soybeans and corn prices have dropped due to fund and technical selling, with soybeans reaching new contract lows. Despite low weekly export sales, China remains the leading buyer of soybeans. Weather conditions in South America are expected to stabilize yield potential. Corn conditions in Argentina and Brazil are favorable, but export sales have decreased, with Mexico being the top buyer. The wheat complex is also experiencing a decline due to fund and technical selling, with Russia dominating the U.S. export numbers. However, new U.S. sanctions on Russia are not anticipated to significantly affect Russia’s global grain business.
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 fund and technical selling, with old crop ending the week with new contract lows. Beans are watching development weather and harvest activity in South America. There are some areas of concern and there have been recent reductions in production projections, but weather seems to be mostly favorable for now, which should help stabilize conditions and yield potential. Weekly export sales were a marketing year low after a big cancelation by unknown unknown destinations. China was the leading buyer despite Lunar New Year celebrations, followed by Indonesia. Soybean meal and oil were pressured by fund liquidation, also establishing new contract lows.Corn was lower on fund and technical selling, hitting new lows, including a close for March below $4. Corn is monitoring conditions in Argentina and Brazil, which generally look favorable. The USDA’s next round of supply, demand, and production numbers is out March 8th, with CONAB’s updated outlook for Brazil set for ...
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