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China crushed processed 470,000 tonnes of soybeans in the week to Friday February 7, as more crushing plants reopened following the Lunar New Year Holiday break, according to data from the China National Grains and Oils Information Centre (CNGOIC).
Brazilian corn exports amounted to 3.59 million tonnes in January, down by 26.3% from the same month last year, while soybean shipments fell by 62.4% to 1.07 million tonnes, customs weekly data showed on Monday February 10.
Soybean futures on the Chicago Mercantile Exchange were slightly up on Monday February 10 ahead of the USDA’s World Agricultural Supply and Demand Estimates (WASDE) report on Tuesday February 11 amid uncertainties regarding new tariffs to be imposed by the Donald Trump administration.
The soybean CFR China (Brazil) basis assessment for March shipment was assessed..
Export inspections of US soybeans were down by 9% to 1.04 million tonnes in the week ended Thursday February 6 from the 1.14 million tonnes recorded a week earlier, data from the USDA showed on Monday February 10.
Speculators in the US corn market continued to reduce short positions while adding longs in the week to Tuesday February 4, sending the net long to the highest level since May 2022, while open interest in corn surged to its highest since March 2021, data from the Commodity Futures Trading Commission (CFTC) released late on Friday February 7 shows.
Rains in Argentina during the week to Friday February 7 brought relief to soybean crops suffering from dry and hot weather. Meanwhile, in Brazil’s Rio Grande do Sul state, which has been facing the same weather conditions and where rains were not as intense, part of the crop already shows a “large reduction” of yield potential, according to local reports.
Soybean futures on the Chicago Mercantile Exchange lost further momentum on Friday February 7 amid a mixed picture for downstream products, reducing weekly gains to less than 1%.
Fastmarkets’ weekly recap of the main movements in global cash markets.
The UN Food and Agriculture Organization (FAO) lowered its wheat and corn production estimates for the 2024/25 marketing year in its February agricultural market information system (AMIS) report.
US and global soybean ending stocks are expected to fall in the USDA World Agricultural Supply and Demand Estimates (WASDE) report due to be published on Tuesday February 11, a Fastmarkets poll with seven traders and analysts showed.
The soybean CFR China (Brazil) basis assessment for March shipment was assessed..
Canada’s weekly grain exports edged lower in the week to February 2, but increases in wheat and corn shipments almost offset the decline in canola, according to the latest data published by the Canadian Grain Commission on Friday February 7.
Brazilian soybean, corn and soymeal exports are expected to increase year on year in February, while wheat shipments are forecast to fall, the country’s grain exporters association Anec said in its monthly report on Wednesday February 5.
Recent widespread rainfall across Argentina’s core agricultural regions has improved soil moisture conditions for summer crops in the week ending Wednesday February 5, according to the latest update from the Buenos Aires Grains Exchange (BAGE) released on Thursday February 6.
Soybean futures on the Chicago Mercantile Exchange held broadly unchanged on Thursday February 6 amid unchanged fundamentals, falling meal and rising wheat prices.
Brazil’s central and southern agricultural regions are expected to receive extensive rainfall during the week beginning Thursday February 6, which could disrupt soybean harvesting and second-crop (safrinha) corn planting, although the additional moisture will benefit safrinha development prospects.
The soybean CFR China (Brazil) basis assessment for March shipment was assessed..
Net sales of US soybeans in the 2024/25 marketing year fell to 387,700 tonnes during the week to January 30, down by 12% from 438,002 tonnes a week earlier and at the lower end of market estimates, US Department of Agriculture data showed on Thursday February 6.