Global: Soybeans, corn and wheat start short week with a rally

United States
Published Feb 21, 2024

Tridge summary

Soybeans saw an increase due to short covering and technical buying, despite ending the session near the day's lows, influenced by neutral to bearish South American weather forecasts. U.S. soybean export inspections hit a three-week low, primarily to China and Mexico. Corn also experienced a modest rise on short covering and technical buying, with U.S. corn export inspections reaching a three-week high, mainly to Mexico and Japan. The wheat complex also increased on short covering and technical buying, despite slow export demand and a large global supply acting as bearish factors.
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 higher on short covering and technical buying but ended the session closer to the day’s lows than the highs. Contracts saw an oversold bounce, soybean meal was up, and the dollar was down. South American weather looks neutral to bearish, with rain in the forecast this week for parts of Argentina and Brazil. That should help stabilize or even boost conditions for Argentina and later planted beans in Brazil. Brazil’s harvest is nearly a third complete, and while futures could be near the seasonal lows, Brazil’s prices continue to hold a significant discount to the U.S., keeping their export advantage in place. U.S. soybean export inspections were a three-week low, primarily to China and Mexico. Soybean meal was up on the tight near-term supplies of meal in Argentina, normally the world’s leading exporter of soybean products, and the sale of 228,000 tons of 2023/24 U.S. bean meal to the Philippines. Bean oil was lower on follow through selling and competition from ...
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