Agriculture

Soybeans follow, corn closes above

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Soybeans follow, corn closes above

Soybeans were much higher in commercial and technical purchases. Traders continued to redeem some of the recent losses with flour and oil. Soybean flour was supported by strong demand expectations and crushing margins, while bean oil received additional support from crude oil. CME Group’s Malaysian palm oil futures contracts were also higher. The first day of notice for deliveries on CBOT contracts in July is 30of. The USDA’s assessment has declined by 3% and there are concerns about soil moisture in parts of the eastern Midwest. How many acres were actually planted this year is uncertain, with the USDA planting area totals and the quarterly grain stock report both published on Thursday. Weekly export sales figures are also released on Thursday. Trade is also looking at the potential easing of COVID restrictions in China, which is likely to increase demand for seeds and oilseeds. Although there has recently been little interest from China, US sales in 2021/22 and 2022/23 have been strong.

Maize was higher in commercial and technical acquisitions. The assessment of maize status was 3% lower, with only scattered rains in the short-term forecast in the key development phases. Most prospects for July and August have warmer temperatures and inconsistent rainfall. However, there are many more unknowns than are currently known for maize and apart from the June 30 related area adjustments.of figures, the USDA is unlikely to make significant changes to the July 12 production estimateof Update. The U.S. Energy Intelligence Administration is scheduled to release production and inventory figures for two weeks on Wednesday. Last week’s report was postponed due to technical issues. The harvest continues until Brazil’s second harvest, with AgRural lowering the estimate to 80.3 million tonnes, while total production increases to 113.8 million. The next CONAB screening for Brazil will take place on July 7of. The European grain group MARS sees the corn harvest in Russia at 16.7 million tons, which would be 8% over a year ago. SovEcon expects Ukraine’s corn harvest to be 28.1 million tonnes, 1.1 million more than previously estimated, but about a third of the 2021 total due to the Russian invasion.

The wheat complex was largely larger, with Chicago and Kansas City up and Minneapolis mixed. The contracts are oversold, and the Paris moratorium was higher before the US session. The winter wheat harvest is above average due to the weather in the central and southern plains, while the spring wheat is in a better condition than a year ago. Spring wheat conditions in Canada are also better than a year ago. Planting in the plains of the northern United States and on the Canadian prairies has been significantly delayed, but that rainfall and recent rainfall could increase yields, even if the planted area becomes smaller than expected. The area planted with spring wheat in Statistics Canada is published on July 5of. The European crop group MARS estimates that Russia’s wheat harvest is 88.8 million tons, 66.6 million tons of winter wheat and 22.2 million tons of spring wheat. SovEcon sets Ukraine’s wheat harvest at 20.7 million tonnes, down 1.4 million from the previous projection and 11.5 million less than a year ago due to the Russian invasion.



https://brownfieldagnews.com/market-news/soybeans-follow-through-corn-closes-higher/ Soybeans follow, corn closes above

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