Market News

Crop prices mostly lower heading into the end of the week

Soybeans were lower and March beans are still having trouble surpassing the $15 mark.  Crop conditions in Brazil remain mostly favorable.  However, southern Brazil and Argentina are really dry and could use a rain.  There is some in the forecast, but once that passes dry weather returns.  Soybean oil and soybean meal were both lower on Thursday, adding some pressure to the market.  Export commitments for 2022-2023 are up 4% from year-ago levels, but shipments are still falling behind.

Corn futures fell amid demand concerns.  Contracts are still holding on to a modest gain for the week, but that could change on Friday.  Export sales for the marketing year are down 48% from year-ago levels.  Narrowing margins from ethanol plants is also concerning.  Traders are watching the weather, both in the U.S. and in South America.  Argentina has a chance for some rains Friday and Saturday, but the weather is expected to turn dry again.  Brazil’s first corn crop should fare well, but the second crop could see the larger impacts.

The wheat complex was mostly lower, except for Kansas City which was up slightly.  The response to the bitterly cold temperatures was weak.  The lack of precipitation is another concern for the US wheat crop in the southwestern Plains.  Export sales are also running behind year-ago levels.  The turmoil in the Black Sea region also remains on traders’ minds.

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