Soybeans started strong on the week holding on to double-digit gains overnight, but corn and wheat continued to sag. Outside markets saw crude oil trade both sides of unchanged but was heading into the day session in positive territory while the US dollar and equities were slightly lower.
Asian markets continued to show good strength as palm oil hits its highest market since 2012. China soybean futures were also up strong overnight posting a 26-cent advance. Meanwhile, in South America weather continues to be favorable with Argentina getting better than expected rains over the weekend as one third of the bean crop has been planted there.
In Brazil, rains hit 45% of the crop area there over the weekend and the 5-day calls for 50% coverage. The longer-term forecast of 16-30 day forecast shows wet over northern Brazil and normal to below normal across southern Brazil and Argentina.
In global markets, Saudi Arabia has said they won’t attend meetings today & tomorrow ahead of the oil summit on Nov 30. There is some conjecture this may be signs of dissent in an oil output cut deal.
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