Wheat up, corn manages firm finish

Maize (Corn)
Market & Price Trends
Published Feb 28, 2024

Tridge summary

Soybean prices remained mostly steady due to favorable conditions in Argentina and potential warm, dry weather in Brazil, despite rumors of China purchasing a significant amount from Brazil. Corn prices saw a modest increase due to short covering and technical buying, despite the lack of fresh supportive news. The wheat complex also saw an increase due to short covering and technical buying, a lower dollar, and recent warm, dry weather in parts of the Plains. However, slow export demand is likely to limit any sustained upside.
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 were mixed, mostly steady to lower. Soybeans consolidated, generally unable to follow through on the early gains as conditions in Argentina look good, while parts of Brazil could be warmer and drier over the next few days. AgRural says 40% of Brazil’s soybean harvest is complete, compared to 33% a year ago. Unknown destinations bought 123,000 tons of old crop U.S. beans ahead of the open, but any support tied to that sale ran its course fairly quickly. That could turn out to be China when its time for delivery. However, while not confirmed, there’s been a lot of chatter China has purchased a significant amount of soybeans from Brazil since the respective ends of Carnival and Lunar New Year celebrations. The sell-off in soybean meal had some influence on beans as well, while bean oil was up on higher crude oil and general renewable fuels demand expectations.Corn was modestly higher on short covering and technical buying. Corn continued to bounce from its lows, watching ...
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