Global: Soybeans, corn and wheat down on Friday

Published Jun 15, 2024

Tridge summary

Soybeans saw mixed results due to profit taking and technical selling, despite anticipated good planting progress and improved export demand. Brazil's basis for trade has fluctuated, and new crop sales remain slow, despite increased demand from China and other mysteries. Corn experienced slight losses but finished the week firm, with most planting nearly completed. Despite expected hot weather, moisture could mitigate early stress. The wheat complex declined due to fund and technical selling, with the trade monitoring U.S. winter wheat harvest and spring wheat development. Drought concerns in the Black Sea region have dimmed, with traders awaiting yield numbers from Russia and Ukraine, and concerns about lost crop could benefit U.S. export demand.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Soybeans were lower on profit taking and technical selling, while still finishing mixed on the week. The trade’s watching planting, expecting good progress, outside of likely delays in some northern growing areas. There’s the possibility of some heat stress, but for now, the moisture is expected to be good and the pattern could be beneficial for early development. Export demand has improved, at least for old crop, and domestic crush margins remain solid. On the export side of things, Brazil’s basis has been up recently, but eased a little to end the week following the rejection of a tax reform bill that would have impacted trade by their Senate. Also, while demand from China and unknown destinations has picked up steam recently, new crop sales continue to be slow. The NOPA’s May member crush numbers are out Monday, with an average guess of 178.352 million bushels, which would be the largest for the month on record. The Buenos Aires Grain Exchange says 96% of Argentina’s soybean ...
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