US: Soybeans were higher on Friday, while wheat moved lower

Published 2023년 3월 3일

Tridge summary

Soybeans rebounded in the last three days of the week, supported by crush incentives and stronger soybean meal. The USDA is likely to keep its estimates for U.S. soybean ending stocks unchanged. Argentina's soybean and corn crops are struggling, while Brazil is harvesting a record crop. Corn closed mixed, mostly higher, despite disappointing exports. Wheat prices fell due to improved precipitation prospects and low supplies, with smaller production expected in several countries. The decline in wheat prices is despite the current low supply and drought conditions in the U.S. Hard Red Winter wheat belt.

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

Original content

Soybeans rebound in the last three days of the week erased the significant drop that took place on Tuesday. Crush incentives for soybeans has been extremely supportive and that doesn’t appear to be changing anytime soon. Soybeans also found support in stronger soybean meal on Friday. Looking ahead to next week, the USDA will likely keep its estimates for ending stocks for U.S. soybeans near unchanged in the upcoming Supply and Demand report. Argentina’s soybean crop continues to struggle while Brazil’s harvesting a record crop. Corn closed mixed, mostly higher on Friday. While exports remain disappointing, they’re down 42% from this time a year ago, corn does appear a little more attractive. The deterioration of Argentina’s corn crop continues, but the weather has been favorable for the planting of Brazil’s second-crop corn. The wheat complex took a tumble Friday, pressured by improved chances of precipitation in the southwestern Plains in the coming weeks. Wheat supplies ...

Source: Brownfield Ag