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Firmly corn, soybeans and wheat gather

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Firmly corn, soybeans and wheat gather

Soybeans closed at slightly higher prices on commercial and technical purchases, closing near the middle of a wide range of the day. Trade continues to focus on supply and demand fundamentals, including more talk about China buying US beans. USDA’s weekly export sales are on Thursday morning at 8:30 eastern / 7:30 central. Most predictions indicate that in some areas there will be short-term harvest delays before the dry but cool weather patterns. This week’s rainfall can cause some illness problems in the already moist parts of the Midwest. Planting conditions in Argentina and Brazil generally look good and have record production potential for both countries. Nevertheless, yields can be reduced if the La Niña pattern surfaced as expected. In adjusting product spreads, soybean meal was high and soybean oil was low. Soybean oil was under additional pressure from palm oil as exports and sales from Malaysia slowed and crude oil movements slowed.

Corn has recovered from higher, lower open and destructive overhead resistance with commercial and technical purchases. Fuel and feed demand is strong and export demand remains strong despite China’s prominent absence in the past few weeks. Corn also monitors the pace of harvests in the United States and planting conditions in South America before the La Niña phenomenon fully emerges. Average daily ethanol production last week was a record high of 10,160 million barrels. That’s just 2,000 below the record set in early December 2017, an increase of 10,000 per week and 165,000 per year. Inventory of 19.925 million barrels decreased by 155,000 from the previous week, but increased by 324,000 from a year ago. Ethanol futures did not change.

Wheat complexes were strong to high levels with commercial and technical purchases. Overall, it was up and down days in Chicago, Kansas City, and Minneapolis, but supply and demand fundamentals were enough to bring the deal into the black to close. Rain is welcome in bright red winter growing areas, but problems can occur in some areas of soft red winter. Argentina’s USDA attache totaled 17,645 million tonnes in 2020/21, while wheat production in 2021/22 was a record 20 million tonnes and exports were 11 million tonnes last year. On the other hand, it is estimated to be 13.5 million tons. Brazil is the largest buyer of wheat in Argentina. Trade also monitors Russia’s planting situation, along with domestic prices and export tax rates. The next demand, supply and production of USDA is November 9th.NS.. According to DTN, Egypt purchased 360,000 tonnes of wheat, 180,000 tonnes from Russia, 120,000 tonnes from Ukraine and 60,000 tonnes from Romania. Cairo passed all offers for last week’s bid because of the high price.



Firmly corn, soybeans and wheat gather

https://brownfieldagnews.com/market-news/corn-up-solidly-soybeans-and-wheat-rally/ Firmly corn, soybeans and wheat gather

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