US: Wheat complex mostly higher as tensions escalate in the Black Sea region
Wheat
Published Mar 19, 2024
Tridge summary
Soybeans prices fell due to progress in Brazil's harvest and a decrease in soybean meal and oil. Corn prices were mixed, influenced by rainfall in Brazil. Wheat prices increased due to tensions in the Black Sea region and varying weather conditions in wheat-producing areas. The market is beginning to focus on planting conditions in the Corn Belt ahead of the spring planting season. The USDA’s Prospective Planting report is expected on March 28th.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.
Original content
Soybeans ended the day lower, giving back last week’s gains as contracts continue to face pressure from harvest progress in Brazil. There was additional pressure from lower soybean meal and soybean oil. Soybean inspections were 25.2 million bushels with primary destinations to China (20.3 mbu) and Mexico (1.9 mbu). For South America, parts of Brazil will see harvest delaying rain over the next few days. CONAB’s updated outlook for Brazil’s crops is out April 11th. In Argentina, soybeans remain in good shape and drier weather is expected to move in later this week. Corn was mixed and stayed in a narrow range. Rains moved in for parts of Brazil and is expected to hang around before drier weather moves in again. Brazil’s private firm has 97% of the safrinha crop planted. Corn inspections were at 48.8 million bushels with primary destinations to Mexico (21.6 mbu), Japan (7.0 mbu), and Taiwan (6.0 mbu). Stateside, the trade is starting to focus on planting conditions in the Corn ...
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