Brazilian Shipping Delays Support Soybeans

March 22, 2013 09:45 AM

Across the board, agricultural commodity prices were slightly higher for the week. News of significance was rather scarce as traders await the USDA Grain Stocks and Prospective Plantings reports March 28.

Delays in loading out barge vessels in the Brazilian ports continues to provide underlying support to the soybean complex; however, this has not translated into renewed demand for either U.S. soybeans or corn. Late Thursday, the Argentine Ag Ministry estimated Argentine farmers would harvest 51.3 million metric tons (mmt) of soybeans and 25.7 mmt of corn.

Both forecasts were above most private estimates and viewed as slightly negative to prices. On Friday morning, Informa lowered its 2013 corn plantings to 97.753 milion acres, down 1.6% from its January estimate. Informa also lowered its soybean plantings to 78.457 million acres, down just over 300,000 acres from its January estimate.

A spring storm is expected to provide another dose of moisture for the U.S. Southern Plains this weekend. Look for a continued improvement to winter wheat conditions. If the cool/wet conditions currently being experienced across the southern Midwest extends into early April, look for additional strength to new crop corn prices as planting delays will develop.

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