News

Sell-off resumes for soybeans and corn in the US

Maize (Corn)
Published Feb 22, 2024

Tridge summary

Soybeans and corn prices have dropped due to fund and technical selling, with soybeans further impacted by favourable harvest weather in South America and slow exports. Brazil is dominating the soybean market, with potential large-scale purchases from China. Corn prices are also influenced by South American weather conditions, with ethanol and export demand providing a bullish outlook. Wheat prices have mostly fallen due to profit-taking and technical selling, with slow export demand and a large global supply being the main negative factors. Russia and Ukraine are leading the wheat export market due to their price advantage. The USDA’s Prospective Planting report is expected at the end of March.
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, giving back Tuesday’s gains and then some. Near-term development and harvest weather in South America looks non-threatening to beneficial. Parts of southern Brazil remain dry, but again, on the balance, many key growing areas have seen or will see rain this week. Domestic crush demand is solid, while exports are slow, with Brazil controlling the market. There’s been talk, but no confirmation, of China buying a significant amount of soybeans from Brazil following the ends of Lunar New Year celebrations and Carnival. ANEC projects soybean exports during February 2024 by Brazil at 7.3 million tons, compared to 7.55 million in February 2023. Traders are also watching conditions in the U.S. ahead of planting and any signals for a shift in the acreage mix. The USDA’s Prospective Planting report is out at the end of March, along with quarterly grain stocks. Soybean meal and oil were lower on the improved weather in Argentina, which is ...
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