US: Soybeans and corn are up modestly at Friday’s close
Maize (Corn)
Published Mar 16, 2024
Tridge summary
Soybeans were modestly higher on short covering and technical buying, adding a little bit to the week-to-week gains. Beans were down for much of the day but rallied on the February NOPA crush numbers and concerns about weather in parts of South America. February NOPA member crush was record large at 184.466 million bushels. Soybean oil stocks were larger than expected. South American crop conditions are mixed, with a better chance of rain for Brazil in the coming week ahead of a drier pattern against a week to week decline for Argentina.
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 higher on short covering and technical buying, adding a little bit to the week-to-week gains. Beans were down for much of the day but rallied on the February NOPA crush numbers and concerns about weather in parts of South America. The February NOPA member crush was record large at 184.466 million bushels, up on the month and the year, reflecting the solid domestic demand, along with one more business day than in non-Leap Years. Soybean oil stocks were larger than expected. For South America, parts of Brazil will see harvest delaying rain over the next few days. CONAB’s updated outlook for Brazil’s crops is out April 11th. There was also some help from bean oil, which was up on recent global vegetable oils strength. Soybean meal was lower on technical selling and the larger than a year ago crop for Argentina, which is normally the world’s largest exporter of soybean products. The USDA’s attaché for Argentina did lower their 2023/24 soybean guess to 49.5 ...
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes.
To learn more about our cookies, please read our Privacy Policy.