Soybeans, corn up on early stress concerns

Published Jun 14, 2024

Tridge summary

Soybean prices increased due to short covering and technical buying, supported by favorable weather for planting and development, despite initial stress from hot, dry conditions. Brazil's soybean crop estimate was slightly reduced by CONAB. Anticipation builds for the NOPA's May soybean crush report, with soybean meal and oil prices mostly higher. U.S. soybean sales to unknown destinations rose, driven by higher Brazilian prices and tax changes. Corn prices also rose on short covering and technical buying, with mixed weather conditions impacting planting and development. The USDA's upcoming reports on planted area totals and quarterly grain stocks are awaited. Wheat conditions varied, with favorable winter wheat harvest conditions in some U.S. areas and drought in parts of Russia and Ukraine. The USDA's next supply and demand estimates are expected to be more aggressive, and Strategie Grains reduced the EU wheat crop estimate, while CONAB slightly lowered Brazil's winter wheat crop estimate.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Soybeans were higher on short covering and technical buying. Soybeans also had some help from bean meal, watching planting and development weather. Conditions are mostly good for the tail end of planting, but there could be some early stress from hot, dry weather. CONAB now has Brazil’s soybean crop at 147.354 million tons, down .2% from May and 4.7% from 2023, with better yields in some growing areas canceling out crop loss in others. CONAB’s updated outlook for Brazil is set for July 11th. The NOPA’s May member soybean crush is out Friday, with an average guess of 178.352 million bushels and soybean oil stocks projected at 1.775 billion pounds. Soybean meal was up and bean oil was mostly higher ahead of those numbers. Unknown destinations bought 120,000 tons of 2023/24 U.S. soybeans, the third day in a row with an announced sale for a running total of 330,000 tons, all old crop. This recent spike in demand can be tied to higher prices in Brazil along with producer and exporter ...
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