Soybeans, corn before the holiday weekend
Soybeans were higher in commercial and technical purchases, ending a week higher, with nearby contracts back over $ 16. Rains were forecast for Argentina and southern Brazil next week, but coverage was uncertain. Production in Paraguay is expected to be well below the level of a year ago. The USDA’s next look at supply and demand figures is in the upcoming Forum Ag Outlook, as CONAB’s updated outlook for Brazil is released on March 10.of. The Buenos Aires Stock Exchange maintained its soybean production estimate for Argentina at 42 million tons, up from 43.1 million a year ago. Unknown destinations bought 198,000 tons of freshly harvested US beans on Friday morning, with 66,000 tons for 2021/22 and 132,000 tons for 2021/22. This was the third working day in a row with an announced sale for a total of 450,000 tons, 186,000 from that old harvest and 264,000 from that new harvest. Those sales to the unknown could end up in China. At least to some extent, lower production estimates for South America have influenced this recent increase in purchases. Soy flour was lower, and bean oil was higher when adjusting the product spreads. India has contracted to buy 100,000 tonnes of US soybean oil because of record palm oil prices and uncertainties over South American production.
Maize was modestly higher in commercial and technical acquisitions, ensuring a week-to-week gain. Corn followed the weather in South America, along with the second fastest growing crop of corn in Brazil. This planting rate is well above average, due to the faster-than-normal soybean harvesting rate. For Argentina, the Buenos Aires Grain Exchange says that 1.7% of the nation’s corn harvest was harvested, with a production of 51 million tons, constant according to the latest estimate, but 1.5 million less than last year. Trade is also looking for any signs of changes in the US surface mix. USDA Ag Outlook Forum February 24of and 25of it should provide some early indications, with the prospective planting report published on 31 MarchSt., in addition to quarterly grain stocks. Ethanol futures remained unchanged.
The wheat complex was mixed, with Chicago mostly weak and Kansas City and Minneapolis above, and the three pits in the United States much higher per week. Trade continues to monitor tensions between Russia and Ukraine. The situation continues to be volatile, with a number of unknowns and conflicting reports outside the region. Some travel and shipping delays outside the Black Sea region are reported. Short-term forecasts are more generally dry in the US Plains. Some parts of the region have recently received rain and snow and may see more next week, but large areas of the region are blocked in drought or close to drought and could remain so until spring. This affects the quality of winter wheat and could limit the area of spring wheat in the north and northwest of the US Plains in Canada. Egypt allegedly bought 180,000 tons of wheat from Romania.
https://brownfieldagnews.com/market-news/soybeans-corn-up-ahead-of-holiday-weekend/ Soybeans, corn before the holiday weekend