Soybeans were able to finish the day higher despite a Weekly Export Sales report that was nothing to write home about. There was some definite support from broader markets. Soybean oil was pushed higher as palm oil hit its highest level in several months. Soybean meal was higher. Soybean harvest in Brazil’s central and northern regions continues to battle rain, but is making some progress, and yields have been good. Conditions in Argentina, however, continue to decline as the Buenos Aires Grain exchange rated just 2% of the country’s crop as good to excellent.
Original content
Soybeans were able to finish the day higher despite a Weekly Export Sales report that was nothing to write home about. There was some definite support from broader markets. Soybean oil was pushed higher as palm oil hit its highest level in several months. Soybean meal was higher. Soybean harvest in Brazil’s central and northern regions continues to battle rain, but is making some progress, and yields have been good. Conditions in Argentina, however, continue to decline as the Buenos Aires Grain exchange rated just 2% of the country’s crop as good to excellent. Corn ended the day mixed. Nearby contracts were lower as export demand continues to pressure the market. And corn is on pace for another weed in the red. Shipments are down more than 40% on the year. U.S. corn is getting more competitive with Brazil, but an actual improvement in sales has yet to surface. Planting of Brazil’s second crop corn continues to make progress, however, the drought continues to plague ...
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