Market News

Soybeans, corn mostly higher heading into midweek holiday

Soybeans were mostly higher in very low-volume trade.  The market worked to recover its losses from Monday’s session.  Soybean meal was stronger on Tuesday and that helped provide some support.  The trade continues to monitor crop development weather in South America, which has been largely supportive to a larger crop in Brazil, while there is some drier weather in the forecast for Argentina. But it’s early in the growing season and there’s plenty of time left for crop development. On Monday, the USDA reported a sale of 132,000 tons of soybeans to China for the 2024/2025 marketing year.   The USDA updates it supply, demand, and production numbers on January 10th.

Corn was also mostly higher in very low-volume trade.  The trade continues to monitor crop development weather in South America for Brazil and Argentina as the forecast for drier weather could have an impact on crop development in that part of the world.  The USDA’s updated supply, demand, and production numbers are out January 10th, while CONAB’s updated outlook for Brazil is set for January 14th.

The wheat complex moved lower on Tuesday, giving back Monday’s gains.  The tight supply of wheat in Russia, combined with the export cap the country put in place, provides some optimism for the U.S. wheat market.  While the USDA continues to expect higher exports for the U.S. crop, there will likely be some increased competition from Argentina and Australia, depending on how the countries market their crops.  The value of the U.S. dollar isn’t providing any help for the wheat market. 

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