US: Soybeans and wheat find support

Published Mar 2, 2023

Tridge summary

Soybeans finished higher despite disappointing Weekly Export Sales reports, fueled by broader market support. Soybean oil and meal prices also rose due to an increase in palm oil prices. Brazil's soybean harvest in central and northern regions is progressing despite rain, but conditions in Argentina are deteriorating. Corn prices were mixed, with nearby contracts lower due to decreased export demand, and U.S. corn becoming more competitive with Brazil. The wheat complex saw gains, supported by French wheat, but U.S. wheat prices are struggling due to a lack of demand.

Additionally, the article mentioned that the planting of Brazil's second crop corn is on track, but the drought in Argentina continues to impact crop ratings, with the Grain Exchange dropping the good to excellent rating from 9% to 6%. The latest drought monitor in the U.S. showed some reductions in drought areas, but extreme and exceptional drought persists in many regions from Nebraska to Texas, despite high U.S. wheat prices failing to spark significant purchases.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

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 ...

Source: Brownfield Ag