Market News

Down day for soybeans, corn, wheat

Soybeans were lower on profit taking and technical selling. The USDA left 2024/25 U.S. ending stocks unchanged, while the production guess for Argentina was down and there was no change for Brazil. The USDA did lower its outlook for Paraguay’s crop but left exports steady. Imports by China held at 109 million tons. AgRural says 15% of Brazil’s soybean crop has been harvested, compared to 23% a year ago. CONAB’s updated numbers for Brazil are out Thursday, while the USDA’s next round of supply, demand, and production projections is out March 11^th. Soybean meal was lower and bean oil was higher on the adjustment of product spreads, with no adjustments to the domestic balance sheets. Globally, the changes for soybean meal were modest, the USDA did raise the export guess for Brazil, while leaving Argentina unchanged. World soybean oil stocks were unchanged and production was slightly higher on an increase for Brazil.

Corn was lower on profit taking and technical selling. 2024/25 U.S. corn ending stocks were steady on the month, with modest cuts for South American crops. The USDA did reduce the export projections for Brazil and Ukraine and lowered the import guess for China to 10 million tons. There were no adjustments to imports by Mexico. With this round of numbers, corn, and soybeans, are back to focusing on weather in South America ahead of U.S. planting. AgRural says 18% of Brazil’s first corn crop has been harvested and 20% of the second crop is planted. Tariff concerns remain largely a background factor. The U.S. Energy Information Administration’s weekly ethanol production, supply, and export numbers are out Wednesday.

The wheat complex was lower on profit taking and technical selling. U.S. wheat ending stocks were down modestly on expectations for increased food use. The fourth quarter for the 2024/25 U.S. marketing year on wheat starts March 1^st. Globally, the USDA lowered its export estimates for the European Union, Russia, and Ukraine, with a slight increase in production for Argentina against a modest decrease in Brazil. Imports by China were reduced 2.5 million tons to 8 million and that nation continues to hold just about half of the world’s wheat supply. The trade continues to monitor development conditions in the U.S., Europe, India, Russia, and Ukraine. France’s Ag Ministry raised its soft winter wheat planted area estimate. Russia’s grain export cap goes into effect Saturday.