Tridge summary
Soybeans experienced a significant increase due to commercial and technical buying, supported by the strength in soybean meal and a weaker dollar. Anticipation is high for the USDA reports, which are predicted to show a rise in planted area and a decrease in stocks. The market is closely monitoring harvest activities in Brazil and conditions in Argentina, as the growing number of Brazilian soybeans in the market is affecting demand for U.S. beans.
Corn prices adjusted spreads and are anticipating Friday's USDA reports, which are expected to show a smaller supply against a larger planted area. China has purchased 136,000 tons of U.S. corn, the tenth report in the last 11 business days, and the total for this series of sales has surpassed trade expectations.
Wheat prices rose due to fund and technical buying, with concerns about drought and potential planting delays. The USDA is projected to report smaller quarterly stocks and higher acreage, while domestic demand remains strong. However, export demand for U.S. wheat remains slow, and the market is dominated by Russia, Ukraine, Australia, and the European Union due to their price advantages and the relative strength of the dollar.
Corn prices adjusted spreads and are anticipating Friday's USDA reports, which are expected to show a smaller supply against a larger planted area. China has purchased 136,000 tons of U.S. corn, the tenth report in the last 11 business days, and the total for this series of sales has surpassed trade expectations.
Wheat prices rose due to fund and technical buying, with concerns about drought and potential planting delays. The USDA is projected to report smaller quarterly stocks and higher acreage, while domestic demand remains strong. However, export demand for U.S. wheat remains slow, and the market is dominated by Russia, Ukraine, Australia, and the European Union due to their price advantages and the relative strength of the dollar.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Soybeans were sharply higher on commercial and technical buying. Soybeans continued to bounce off the recent lows, helped out Tuesday by the strength in soybean meal and the lower dollar. Soybean oil was down early but rallied with gains in crude oil. The USDA reports Friday are expected to show higher planted area and tighter stocks. The trade continues to monitor harvest activity in Brazil, now close to 80% complete, along with the conditions in Argentina. Recent rainfall in Argentina appears to have stabilized crops and might improve prospects for later planted beans. Meanwhile the increasing amount of Brazilian soybeans on the market is impacting demand for U.S. beans. The USDA’s next round of supply, demand, and production numbers is out April 11th, with CONAB’s updated outlook for Brazil set for April 13th.Corn was mostly higher, adjusting spreads. Corn is getting ready for Friday’s USDA numbers, with analysts projecting a smaller supply against larger than a year ago ...
Source: Brownfield Ag
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