Global: Wheat was solidly higher and corn was firm on commercial and technical buying

Soybean

China

Ukraine

Published Mar 12, 2024

Tridge summary

Soybeans experienced a slight decrease due to profit taking and technical selling, influenced by an anticipated lower production update from Brazil. Corn saw a modest increase due to commercial and technical buying, supported by strong ethanol and export demand, despite increased competition from Ukraine. Wheat prices rose due to commercial and technical buying, despite slow exports and a large supply. Meanwhile, Statistics Canada predicts a decrease in canola and soybean planting, an increase in corn for grain acreage, and mixed wheat planting intentions for 2024.

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 modestly lower on profit taking and technical selling. Soybeans were getting ready for Tuesday’s production update for Brazil from CONAB. The number is expected to be lower, but likely won’t be as dramatic as the cut CONAB made in February. Still, some private estimates are below 145 million tons Brazil’s harvest just over the halfway point. The USDA did lower their crop guess for Brazil last week, while leaving Argentina unchanged, with the next round of projections out April 11th. Export inspections were down on the week, up on the year, mainly to China and Mexico. Soybean meal was lower and bean oil was higher on the adjustment of product spreads. Statistics Canada says farmers intend to plant 21.394 million acres of canola this year, 3.1% less than in 2023, but close to the five-year average. Soybean planting in Canada is seen at 5.582 million acres, 0.9% less than last year.Corn was modestly higher on commercial and technical buying, rallying a little after the ...

Source: Brownfield Ag