US: Soybeans, corn, and wheat fell after long weekend

Published May 30, 2023

Tridge summary

Soybeans, corn, and wheat markets saw sharp declines due to a combination of fund and technical selling, alongside a drop in crude oil prices. Despite concerns about a potential debt ceiling deal, soybeans experienced strong planting progress and favorable weather conditions, raising hopes for a good growing season. However, export inspections fell short of expectations, with Indonesia and Mexico as the top destinations. Corn markets anticipated good conditions, with faster planting and a good majority of the crop in good condition, though export inspections were slower than expected. Wheat markets faced downward pressure from fund and technical selling, with concerns about the war between Russia and Ukraine taking a back seat as fighting escalated over the weekend. Heavy rainfall in China's Henan province flooded wheat fields, and U.S. wheat mills have increased imports from the European Union, ahead of the new marketing year for wheat starting on June 1st.

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

Original content

Soybeans were sharply lower on fund and technical selling, along with a drop in crude oil. The trade was expecting the USDA to report solid planting progress in the weekly crop update. As of Sunday, 83% of U.S. soybeans are planted, compared to the five-year average of 65%, with 56% of the crop emerged, compared to 40% on average. Forecasts for the eastern and central Midwest this week are generally warm and dry, which could cause some early stress. Still, it is too early to get too concerned about damage, it’s more likely this will help set up a good growing year, if rain this summer is timely, which could be a big if for some areas. Soybean meal and oil fell sharply on the prospects of a record U.S. crop following a record Brazil crop. Bean oil had additional pressure from the drop in crude, which fell on concerns about the debt ceiling deal. Soybean export inspections were short of a quarter million tons, but the pace remains ahead of what’s needed to meet USDA projections. ...

Source: Brownfield Ag