The soybean complex moves all the way higher

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The soybean complex moves all the way higher

The entire soybean complex is trading higher to sharply higher at midday. The market is hoping export sales will continue after the USDA announced the sale of 240,000 tons of old-crop soybeans on Tuesday. The sale is for delivery in that marketing year to unknown destinations. Tensions between Russia and Ukraine give the soybean oil market an additional boost as sunflower oil is unlikely to come from Ukraine. The expected poor South American soybean production continues to give positive impetus to the market. Demand from China remains an issue amid sporadic COVID lockdowns. But the trading partner was apparently able to keep ports and crushing plants open so soybean products could enter the country. May soybeans closed 22.5 cents higher at $17.18 and three quarters dollars, May July closed 19.3 quarter cents higher at $16.98.5.

Corn: Corn futures closed higher but about 10 cents below morning highs. The ongoing Russian aggression towards Ukraine remains the biggest market driver. The growing likelihood of Ukraine losing significant amounts of its corn crop this growing season is compounding prospects for tight global supply. Ukraine’s agriculture minister says he expects only about half of agricultural crops to be sown because of the conflict. Rainfalls in Brazil and Argentina have put additional pressure on the market, particularly for nearby contracts. But the rain may be too little, too late, to have a major impact on trading competitors’ harvests. Bad weather in the southern US, like Texas, disrupts early sowing. Ethanol inventories remain high as gas demand is in question as prices rise. Corn closed four and three-quarters cents higher at $7.57 and three-quarters, and July corn closed five cents higher at $7.34 and three-quarters.

Wheat: Wheat closed lower after an initial higher move on the open. Rain in the Western Plains continues to impact the market, but bigger swings are likely to come from news out of the Black Sea region. The market saw limit-up and near-limit-down trading between the Russian attack on Ukraine near the Polish border and peace talks between the nations last week. The value of the US dollar continues to fall, which increases the attractiveness of US crops in the global market – which could be positive for all commodities. May Chicago closed 12.5 cents lower at $7.22, May Kansas City closed five cents lower at $11.11.5, May Minneapolis closed six and a half cents lower at $10.89 and a quarter. The soybean complex moves all the way higher

Jaclyn Diaz

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