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Commodity futures adjusted prior to WASDE report

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Commodity futures adjusted prior to WASDE report

Soybeans surged on Thursday and closed. The soybean market rose moderately overnight and picked up early in the session. Soybean futures continue to strengthen in the drought situation in South America, even with rainfall in parts of Brazil. Traders expect significant adjustments to USDA’s global supply and demand report to be released tomorrow. Expectations for a tighter closing price were bullish on the market. Soybeans may fall on Friday if there are no downward adjustments or adjustments smaller than expected. CONAB, the equivalent of Brazil’s USDA, recently lowered its estimated soybean production to 122.4 million metric tons. The CONAB estimate is below the USDA estimate. Soybean pressure margins remain strong, adding a positive signal to traders. USDA’s Foreign Ag Service pointed out that 132,000 metric tons of soybeans were sold to China on Wednesday. Old crop beans will be on sale this year’s marketing year. May soybeans closed at $ 16.45, up 26 cents and 1/2, soybeans in July closed at $ 16.27, up 1/2 cents on the 23rd, and soybean meal in May fell $ 1.60. Soybean oil closed in May, closing at $ 460.20 and rising moderately for most of the day. 119 points higher at $ 73.02.

Corn futures traded almost flat on the day and closed at a slightly higher price. The market is monitoring further export news following the massive flash sale that kicks off this week. The conflict between Russia and Ukraine in the Black Sea region continues to support corn futures. Recent peace talks between the two countries have been unproductive and tensions remain high. The Black Sea region accounts for about 30 percent of the world’s agricultural exports each year. If the USDA report somehow gives a strong signal on Friday, the market may see notable adjustments. Russia’s fertilizer exports to South America are expected to end in the first week of May. StoneX states that the lack of product movement from Russia to Brazil could further impede crop production, which would support the market. May corn futures closed at $ 1.57 and 3/4 up 1.5 cents, while July corn closed at $ 7.50 and 1/4 up 3 and 1/4.

Wheat futures were low at the end of Thursday. The complex fell moderately for most of the day before it fell moderately by the closing price. Winter wheat futures generally continue to be supported by Russian attacks on Ukraine. Still, small amounts of wheat products were able to enter the global market from Ukraine. Russian products are still out of the global market, especially due to trade sanctions imposed on exporters. The dry weather in the United States, a major wheat-growing country, has generally supported prices. Chicago in May fell 18 cents and 1/4 cents to $ 10.20 on a nearby complex, Kansas City in May fell 14 cents and 1/4 cents to $ 10.70 and 3/4, and Minneapolis in May. Closes at $ 9 and 1/4 cent on Thursday at $ 10.99 and 1/2.



Commodity futures adjusted prior to WASDE report

https://brownfieldagnews.com/market-news/commodity-futures-adjust-ahead-of-wasde-report/ Commodity futures adjusted prior to WASDE report

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