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Wheat complex mostly higher as tensions escalate in the Black Sea region

Soybeans ended the day lower, giving back last week’s gains as contracts continue to face pressure from harvest progress in Brazil.  There was additional pressure from lower soybean meal and soybean oil.  Soybean inspections were 25.2 million bushels with primary destinations to China (20.3 mbu) and Mexico (1.9 mbu).  For South America, parts of Brazil will see harvest delaying rain over the next few days. CONAB’s updated outlook for Brazil’s crops is out April 11th.  In Argentina, soybeans remain in good shape and drier weather is expected to move in later this week. 

Corn was mixed and stayed in a narrow range.  Rains moved in for parts of Brazil and is expected to hang around before drier weather moves in again.  Brazil’s private firm has 97% of the safrinha crop planted.  Corn inspections were at 48.8 million bushels with primary destinations to Mexico (21.6 mbu), Japan (7.0 mbu), and Taiwan (6.0 mbu). Stateside, the trade is starting to focus on planting conditions in the Corn Belt ahead of widespread spring planting. The USDA’s Prospective Planting report is out March 28th, along with the Quarterly Grain Stocks numbers. 

The wheat complex ended the day higher as tensions in the Black Sea region have escalated following the recent Russian attacks.  Weather conditions continue to impact different parts of the world’s wheat-producing areas – too much rain in France, while the Black Sea region and the U.S. are mostly in good shape.  Winter wheat conditions in the US are better than in recent years.  Wheat inspections were 11.11 million bushels with destinations were primarily to Mexico (4.4mbu), South Korea (2.1 mbu), and Algeria (1.3mbu).

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