US: Soybeans and corn are down ahead of USDA and CONAB numbers

Published 2024년 2월 7일

Tridge summary

Soybeans and corn prices fell due to fund and technical selling, influenced by improved rainfall in Argentina which could enhance crop conditions. Brazil continues to dominate the export market amidst its ongoing harvest. Soybean meal futures also dropped due to Argentina's rain, while soybean oil prices rose due to biofuel demand. The wheat complex showed mixed results, with the 2024 U.S. winter wheat crop expected to be in better condition than the previous year due to increased precipitation. However, the recent temperature rise and consequent snow melt could risk winterkill if a cold snap occurs.

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

Original content

Soybeans were lower on fund and technical selling. There has been better than expected rain in Argentina this week, with more in the forecast over the next couple of weeks. If the rainfall meets or exceeds expectations, that should help limit further declines in condition ratings during key stages of development. Brazil’s harvest is ongoing, as is their control of the export market, which should be reflected in the weekly U.S. sales numbers out Thursday morning. Estimates for Brazil crop have drifted lower since the initial projections because of weather issues, but it’s still expected to be a relatively large crop and should allow Brazil to maintain that control over the export market for the next few months. Soybean meal futures were lower, pressured by that rain in Argentina, the world’s leading exporter of soybean products. Soybean oil was higher, supported by demand expectations tied to biofuels.Corn was modestly lower on fund and technical selling. Corn is watching ...

Source: Brownfield Ag