Tridge summary
Soybeans, corn, and wheat markets saw varying movements due to a mix of factors such as commercial and technical buying, global vegetable oil prices, USDA harvest progress reports, export inspections, and weather conditions in key production areas. Soybeans were driven by fuel and food demand, with the USDA reporting 73% of U.S. soybeans harvested and noting price advantages against competitors. Corn prices were influenced by harvest delays and monitoring conditions in Argentina and Brazil, with 66% of U.S. corn already harvested. Wheat prices increased due to commercial and technical buying, with the USDA reporting 80% of U.S. winter wheat planted and 55% emerged. The market is awaiting the USDA's new supply, demand, and production numbers on November 9th, amidst slower export inspections and changes in tariff and export prices in Russia.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Soybeans were higher on commercial and technical buying. Beans again followed the lead of world vegetable oils, which are being driven by fuel and food demand. Soybean oil was up on that global vegetable strength, with canola and palm oil higher, while bean meal was mostly firm on spread adjustments. The USDA says 73% of U.S. soybeans are harvested, compared to 60% last week and the five-year average of 70%. U.S. soybeans continue to hold a price advantage over competing nations. Weekly export inspections continue to trail last marketing year, due to relatively slower demand from China and the issues earlier this year with shipping issues out of the Gulf. The leading destinations were China and Mexico. There’s been talk, but no announcement, of China buying U.S. beans recently. Beans are also watching planting weather in South America.Corn was mixed, mostly firm. Corn consolidated, keeping an eye on harvest delays in parts of the Midwest after heavy weekend rainfall and storm ...
Source: Brownfield Ag
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