US soybeans and corn are supported by rain questions in Brazil
Sustainability & Environmental Impact
Market & Price Trends
Published Nov 21, 2023
Soybean prices rose due to commercial and technical buying, despite concerns about rainfall in Brazil. Soybean planting in Brazil is behind schedule, and the incoming president of Argentina is expected to be more supportive of grain and oilseed farmers. Corn prices increased slightly as traders watched the weather in Brazil and the progress of soybean planting and harvest, which impact the second corn crop. Wheat prices fell due to fund and technical selling, with slow export demand and Russia's dominance in the export market being major factors. The pace of U.S. wheat exports remains slow, and there is a lack of expected demand from China.
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.
Soybeans were higher on commercial and technical buying. There is rain in the forecast for some of the drier areas of central and northern Brazil, but the change in pattern might only last a few days, while already wet parts of southern Brazil are expected to see more precipitation. Also, weekend rainfall in parts of Brazil fell short of expectations. AgRural says soybean planting in Brazil is 68% complete, the slowest pace in 4 years. The trade is also watching for policy changes in Argentina following their presidential election. The incoming president is widely expected to be more friendly to grain and oilseed farmers. The U.S. soybean harvest is officially over for the year, with the preliminary 2023 U.S. production totals out in January. U.S. soybean inspections were above 1.6 million tons, but under both the prior week and this time last year, mainly to China and Germany. The pace remains behind last marketing year, but ahead of what’s needed to meet 2023/24 projections. ...