Soybeans are up, and corn is mostly higher on weather concerns in the US
Wheat
Maize (Corn)
Soybean
United States
Published Jun 7, 2023
Tridge summary
Soybeans were higher on short covering and technical buying. 62% of U.S. beans are rated good to excellent, a low first rating of the season, but with rain in the near-term forecast for some areas. While the critical month for soybeans is August, stress during these early stages of development likely cut at least some of this year’s yield potential.
Original content
Spain bought 165,000 tons of old crop U.S. soybeans Tuesday morning. That’s the first announced sale of U.S. soybeans in just over three weeks. Brazil continues to control the global soybean market, limiting demand for U.S. beans. Soybean meal was lower and bean oil was higher on the adjustment of product spreads. Global demand for U.S. soybean products has been mixed, despite top exporter Argentina having a much smaller crop this year. The USDA’s next set of supply and demand estimates is out this Friday.Corn was mixed, mostly higher, on bull spreading. 64% of corn is called good to excellent, a drop of 5% on the week due to recent dry weather in the central and eastern Midwest and the lowest for this time of year in a decade. The states at or around 50% good to excellent include some of the top producers in the region, possibly impacting yield. That said – there’s a long way to go until this crop is finished. There is the chance of rain in parts of the region around midweek with ...
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