Wheat finishes mostly firm as soybeans, corn see more losses globally

Published Aug 10, 2024

Tridge summary

Soybeans experienced a slight decrease due to speculative and technical selling, despite favorable Midwest weather and significant purchases from unknown destinations and China. The bearish trend continued for soybean meal, while soybean oil saw an increase. Corn also fell due to speculative selling, but good development weather and strong demand keep the market positive. Wheat prices rose due to concerns over global crop production, with Russia and Ukraine revising their crop projections downward. The USDA is anticipated to report a large crop with high ending stocks, but feed, fuel, and export demand keep the market supported. Argentina's corn harvest is nearly complete at 96.3%, and the global wheat market is experiencing demand for U.S. wheat due to production losses in other areas.

Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Soybeans were modestly lower on speculative and technical selling, adding to what would have already been a bearish week. Contracts were unable to follow through on an early bounce, continuing to monitor development weather. Conditions are favorable in most of the Midwest, with a chance for rain in some areas in the coming week ahead of an expected turn to slightly warmer weather. Ahead of Friday’s open, unknown destinations bought 212,000 tons of U.S. soybeans, with 50,000 for 2023/24 and 162,000 for 2024/25, and China picked up 132,000 tons, all for 2024/25, while Colombia purchased 100,000 tons of U.S. bean meal, with 12,000 for this marketing year and 88,000 for next marketing year. Those soybean sales do fill some of the recent trade rumors, which have also included China continuing to buy beans from Brazil. The 2024/25 marketing year kicks off September 1st for soybeans and October 1st for soybean products. That sale wasn’t enough to keep soybean meal from succumbing to the ...

Source: Brownfield Ag