Soybeans and corn were up on weather concerns in the US

Published 2023년 6월 2일

Tridge summary

Soybeans saw an increase due to fund and technical buying, with nearby contracts rising while deferred months fell. The warm, dry Midwest weather is a double-edged sword, aiding planting but potentially causing early stress. Export numbers were bearish with no old crop sales to China, but new crop sales were made to China and Mexico. Corn's prices rose due to fund and technical buying, influenced by the Senate debt ceiling deal and better May jobs numbers. The wheat complex experienced a mixed week, with an increase on Friday due to fund and technical buying, but slow export demand could limit significant gains. The global 2023/24 crop is expected to be smaller than 2022/23, which could boost demand for U.S. wheat, although Russia continues to dominate the export market.

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

Original content

Soybeans were higher on fund and technical buying, ending the week mixed, with nearby contracts up and deferred months down. Generally warm, dry weather in much of the Midwest should help planting but could cause early stress in some areas. Weekly old and new crop export numbers were bearish, with old crop sales at 4.5 million bushels and new crop at 11.1 million. There were no reported old crop sales to China with Indonesia the top buyer against a small cancellation by unknown destinations, and while China and Mexico did buy new crop U.S. beans, those could be canceled if prices aren’t favorable. Shipments have slowed down, with Brazil continuing to control the market. The 2023/24 marketing year for soybeans, and for corn, gets underway September 1st. Soybean meal exports were decent, benefitting at least to some extent from Argentina largely being out of the product market, while soybean oil sales are inconsistent due to shifts in global vegetable oil demand. Soybean meal was ...

Source: Brownfield Ag