Market News
Wheat pushes higher again, while corn, soybeans slip
Soybeans slipped the market continued to watch harvest progress in South America. Brazil is nearing completion, while Argentina’s harvest is around 25 percent complete due to wet conditions. More rain is expected in the coming week. While some farmers did make planting progress this week, more rain moved in causing some planting delays and adding some pressure to the market. There’s more rain in the forecast for the weekend. The USDA will update planting progress on Monday. Soybean meal was lower again, while soybean oil and crude oil were both higher. The USDA’s next round of supply, demand, and production numbers is out May 10th, with CONAB’s updated outlook for Brazil on May 14th.
Corn was mostly lower Friday, but did end the week higher. Concerns about Brazil’s second crop corn are helping provide overall support. Brazil faces above-normal temperatures, which could limit the size of the safrinha crop. There’s been some rain in parts of the Corn Belt that need it, and more rain headed to areas where there is water is already standing. That’s likely to cause additional planting delays. The UDSA updates planting progress on Monday There’s better weather in the forecast, which could allow for widespread planting next week.
The wheat complex closed higher for the seventh consecutive session. Weather concerns continue to be a factor for the major wheat growing areas. The trade continues to monitor the southwestern U.S. plains which have been dry and the Black Sea region, which does have better chances of rain in the coming week. Geopolitical issues seem to be never ending in that part of the world, and that has helped provide some support as well.
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