United States: Soybeans up, following vegetable oils

Soybeans experienced a rise due to fund and technical buying, influenced by the global vegetable oils market, with strength in canola and palm oil also contributing to the increase in soybean oil. However, soybean meal saw a modest decline due to product spread adjustments owing to slow demand. The U.S. is projected to harvest 4.436 billion bushels of soybeans this year, with an average yield of 51.3 bushels per acre. Corn prices fell due to fund and technical selling, with concerns about fertilizer availability and the impact of Hurricane Ida on Louisiana Gulf export facilities. The U.S. is expected to produce 15.022 billion bushels of corn with an average yield of 176.6 bushels per acre. The wheat complex saw a decline due to fund and technical selling, with export demand remaining slow despite shrinking global supplies. The U.S. is planting 4% of its new crops, and demand for U.S. wheat remains slow, with Russia setting a wheat export quota of 31.5 million tons for February 2022.