Brazil
Jamie Gieseke with Paradigm Futures says soybeans were also getting a push from South American weather, with wheat adding risk premium on U.S. weather concerns.
Soybeans and soybean oil saw a higher day on Tuesday driven by hopes President Trump would make a biofuels policy announcement regarding 45Z or the RVO proposal while speaking in Iowa after the market close says Naomi Blohm with Total Farm Marketing.
Soybeans and bean oil were slightly higher on Tuesday morning with hopes President Trump may make an announcement or at least talk positive about the 45Z program according to Mark Schultz with Northstar Commodity.
China has ramped up its orders for Brazilian cargoes of soybeans.
Soybeans continued to rally on Thursday. Lane Akre, economist with Pro Farmer, says this isn’t just short covering.
Greg McBride with Allendale, Inc. says hot, dry weather is expected in much of Argentina and Southern Brazil in the next 10 days and it is hitting at the critical pod filling stage for some of the soybean crop.
Shawn Hackett with Hackett Financial Advisors says with corn and soybean prices plunging at the beginning of the week in response to the bearish USDA report, the lower price levels stimulated end user buying.
Brazil has officially surpassed the U.S. as the world’s top beef producer. With U.S. production down 3.9%, analysts point to Brazil’s feed capacity and rising imports as key drivers of this historic market shift.
Tommy Grisafi with Nesvick Trading says the soybean market faded after hitting chart resistance but also seemed disappointed with the lack of confirmed China export business. The grain complex also saw report positioning.
The grain markets were mixed early Thursday squaring ahead of the USDA reports. DuWayne Bosse with Bolt Marketing says that could keep the markets quiet the next few sessions.