SOYBEANS, CORN, WHEAT START WEEK WITH LOSSES
15/04/2024 (Brownfield) - Soybeans were lower on profit taking and technical selling. There was some spillover pressure from meal and the broader market with beans watching South American harvest activity. Brazil is now past the 80% mark, while Argentina is getting close to 15%. The USDA’s next set of supply, demand, and production estimates is out May 10th, with CONAB’s updated outlook for Brazil on May 14th. Stateside, the USDA was expected to report widespread planting is getting underway. The USDA says 3% of U.S. soybeans are planted, compared to the five-year average of 1%. Soybean export inspections were below the previous week and a year ago, with China and Indonesia leading the way. China reportedly bought soybeans from Argentina and Brazil last week. The NOPA says member firms crushed a monthly record of 196.406 million bushels of soybeans during March, an increase of 5.5% on the month and 5.7% on the year, with oil stocks topping pre-report expectations. That larger than expected stocks number, and the losses in crude oil during the CBOT session, sent soybean oil futures lower.
