Market News

Solid demand supports soybeans

 

Futures Markets copy

Soybeans were higher on fund and commercial buying. Weekly export numbers were supportive, reflecting the continued strong demand. There’s been some progress in negotiations between the government and unions, but the trucker blockade in Brazil is on-going, and producer selling is light in Argentina, both contributing to that demand. Soybean meal and oil were higher, following beans.

Corn was higher on fund and technical buying. It was a solid week for export sales and slow week for shipments, in-line with the trend for most of the marketing year. Friday is the first notice day for March contracts and new crop prices Thursday and Friday will be averaged for crop insurance products. Ethanol futures were higher.

The wheat complex was mixed. Weekly export numbers on wheat were neutral to bearish, a lot like the current fundamental outlook. Past that – the trade’s watching conditions in the Midwest and Plains with more winter weather in the forecast. The closer we get to spring, the more we’ll know about what, if any, damage has occurred during the crop’s dormancy. South Korea bought 78,000 tons of wheat and Israel picked up 25,000 tons of wheat, with both purchases feed grade and optional origin.

 

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