Soybean and wheat prices finish Thursday’s session with moderate gains
Grain prices were mixed but mostly higher, with market-friendly supply and demand fundamentals still in place, despite some disappointing export data from USDA this morning. Soybeans firmed by 0.5%, with some wheat contracts up as much as 0.75% on an ensuing round of technical buying. Corn tested moderate gains early in the session but eroded back into the red by the close.
Parts of the Central Plains could see as much as 1” or more additional rainfall between Friday and Monday, with areas farther east likely to see less measurable moisture during that time, per the latest 72-hour cumulative precipitation map from NOAA. The agency’s 8-to-14-day-outlook predicts a return to seasonally dry weather in the Plains between April 22 and April 28, with seasonally wet weather likely for the Corn Belt. The forecast also calls for widespread cooler-than-normal temperatures.
Rains that have pelted Argentina's farm belt since mid-March halted the deterioration of corn and soy yields, and a coming dry spell will help kick off harvesting of the country's two main cash crops, climatologists said on Wednesday.
Wheat set for firm finish this week, after 5 weeks of
losses
SINGAPORE, April 9 (Reuters) - Chicago corn was little
changed on Friday, with the market on track for its second week
of gains, while soybeans are set for their biggest weekly rise
in a month as expectations of higher plant-based fuel in the
United States underpinned prices.
Grain and oilseed markets have scaled multi-year highs in
recent weeks with strong demand led by China and
lower-than-expected U.S. planting driving prices higher. There is talk about producing more edible oil based
biofuels in the United States which is supporting prices, said
4/8/2021
(Adds details from report, context)
BUENOS AIRES, April 8 (Reuters) - Argentina s 2020/21 soy
crop is expected at 43 million tonnes, the Buenos Aires Grains
Exchange said on Thursday, citing lower-than-expected yields
caused by dry weather earlier this year as the reason for
cutting its previous 44 million-tonne estimate.
The South American country is the world s biggest exporter
of soymeal livestock feed, used to fatten hogs and poultry from
Europe to Southeast Asia. During the last three weeks, harvest results are below
expected yields and even historical averages, reflecting the
impact of the water deficit during the months of February and
March, the exchange said in its weekly crop report.
4/8/2021
By Maximilian Heath
BUENOS AIRES, April 8 (Reuters) - Argentina s 2020/21 soy
crop is expected at 43 million tonnes, the Buenos Aires Grains
Exchange said on Thursday, citing lower-than-expected yields
caused by dry weather earlier this year as the reason for
cutting its previous 44 million-tonne estimate.
The South American country is the world s biggest exporter
of soymeal livestock feed, used to fatten hogs and poultry from
Europe to Southeast Asia. During the last three weeks, harvest results are below
expected yields and even historical averages, reflecting the
impact of the water deficit during the months of February and
March, the exchange said in its weekly crop report.