Soybean News
The latest soybean commodity market news and insights for soybean producers and agribusiness.
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Don Roose, U.S. Commodities says corn saw some fund buying on tight supplies and with help from concerns about Argentina weather. However, soybeans couldn’t follow, pulled down by meal.
Mike Zuzulo, Global Commodity Analytics, says corn and soybeans are watching South American weather with hot dry conditions mainly in Argentina and Southern Brazil but some rain in the weekend forecast.
New data reveals 31 counties in 10 U.S. states, 10 rural municipalities in Quebec and three counties in Manitoba and Ontario reported the pest for the first time from 2020 through 2023.
DuWayne Bosse with Bolt Marketing says corn and soybeans saw profit taking after stretching to new highs for the move as the markets were overbought.
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U.S. biofuels and corn groups criticized the overall guidance as lacking details on what qualifies for tax credits.
Tomm Pfitzenmaier, Summit Commodity Brokerage, says corn and soybeans continued to see gains from strong technical closes on Friday and extending the report rally.
Brad Kooima, Kooima Kooima Varilek, says live cattle futures are consolidating which is healthy. Meanwhile, corn and soybeans make new highs for the move still digesting USDA’s bullish report data and the shocking cuts in yield, production and ending stocks.
Jim McCormick of AgMarket.Net, says South America is setting up for a record crop. “I think at this point Brazil will have a huge crop, 172 to 175 MMT, that’ll more than offset at what we lost here in the U.S.”