Tridge summary
Soybean prices rose due to speculative and technical buying, as well as lower-than-expected soybean acres planted and quarterly stocks. The smaller US crop led to increases in soybean meal and soybean oil prices. China's purchase of US soybeans was the first since January, as Brazil had dominated the market.
Corn prices dropped due to selling by funds and technical factors, despite larger-than-expected corn planted area. Corn is now watching the weather and monitoring second crop harvest activity in Brazil, as well as the storage crunch caused by a record corn crop.
The wheat market was mixed, with all three exchanges losing ground on the week. Wheat acreage was slightly lower than expected but higher than the previous year, with concerns about winter wheat abandonment and the quality of the crop. Traders are also keeping an eye on the Black Sea Grain Initiative.
Corn prices dropped due to selling by funds and technical factors, despite larger-than-expected corn planted area. Corn is now watching the weather and monitoring second crop harvest activity in Brazil, as well as the storage crunch caused by a record corn crop.
The wheat market was mixed, with all three exchanges losing ground on the week. Wheat acreage was slightly lower than expected but higher than the previous year, with concerns about winter wheat abandonment and the quality of the crop. Traders are also keeping an eye on the Black Sea Grain Initiative.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Soybeans were sharply higher on speculative and technical buying, pulling contracts to a higher weekly finish. Farmers planted fewer than expected soybean acres this year and quarterly stocks were below pre-report estimates. Near-term crop weather looks mixed, with increased chances of rain in some areas, but with potential for severe storms. Soybean meal and soybean oil were up on the fundamental implications of a smaller than expected U.S. crop. It’s likely those acreage numbers will change further. China bought 132,000 tons of 2023/24 U.S. soybeans, the first announced purchase of U.S. beans since late January due to Brazil’s hold over the market.Corn was sharply lower on fund and technical selling, adding to what would have already been a sharply lower weekly finish. The USDA says corn planted area was larger than expected, the third largest on record, at more than 94 million acres. Corn will go back to watching weather Monday ahead of the weekly crop progress and condition ...
Source: Brownfield Ag
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