Soybeans, corn, and wheat close with modest gains in the US

Wheat

Published Mar 22, 2024

Tridge summary

Soybeans, corn, and wheat saw a slight increase due to short covering and technical buying. Despite an increase in soybean export sales, Brazil continues to lead the global market. Corn export sales decreased, but remained above average, with corn for ethanol use maintaining a steady demand. Wheat export sales reached a marketing year low for the second week in a row, largely due to China's recent cancellations. The USDA's next supply, demand, and production estimates are expected on April 11th. Weather conditions in Argentina, Brazil, and the U.S. are impacting harvest and planting activities.

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 after a wide-ranging session. Export sales were up on the week, but Brazil remains in control of the global market. The weekly total was 18.2 million bushels, China and Mexico topped the list, with a minor cancelation by unknown destinations. The 2023/24 pace continues to trail 2022/23 by a wide margin because of Brazil’s dominance. Weather for Argentina and southern Brazil generally looks drier, which should help harvest activity, but that could be followed by more rain in some areas next week. Brazil should be at or past the 70% mark by the end of this week. The USDA’s next round of supply, demand, and production estimates is out April 11th, along with CONAB’s updated outlook for Brazil. The USDA’s attaché for China projects 2024/25 soybean imports at 103 million tons, compared to 103 million for 2023/24. The USDA’s office in Indonesia sees 2024/25 palm oil production at 47 million tons, compared to 45.8 ...

Source: Brownfield Ag