Soybeans saw an increase in price due to commercial and technical buying. Domestic demand for the crop remains strong, although export sales were slightly lower for the week. Near-term U.S. harvest conditions are generally favorable, while South American weather conditions are mixed. Corn prices were lower due to profit taking and technical selling, with the market keeping an eye on U.S. harvest activity and South American planting and development weather. The wheat complex experienced mixed prices, with wheat still oversold and export sales occurring at a slow pace. Wheat buyers were mainly from Thailand and Taiwan, with no reported demand from China despite previous rumors.
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Soybeans were higher on commercial and technical buying. Domestic demand continues to be solid, with strong crush margins, reflected by Wednesday’s USDA crush numbers for September. Export sales were down on the week, but still over a million tons, with China buying the bulk of the total, followed, distantly, by South Korea. Near-term U.S. harvest conditions generally look favorable in most of the Midwest and Plains, while South American weather continues to be mixed. ANEC says Brazil exported 5.5 million tons of soybeans in October 2023, compared to 3.8 million in October 2022. Updated USDA supply and demand estimates and CONAB’s updated outlook for Brazil are both scheduled for Thursday, November 9th. Soybean meal was mixed, adjusting spreads, and bean oil was up on demand expectations.Corn was modestly lower on profit taking and technical selling after spending most of the session mixed. Corn is monitoring U.S. harvest activity, with yields better than expected in parts of the ...