US soybean prices on Monday inched away from two-month lows touched in the previous session, though gains were checked by forecasts of ample South American supply. Corn prices were flat after hitting a three-week low the session before, while wheat was largely unchanged.
Exporters sell 120,000 MT of soybeans for delivery to unknown destinations during the 2017/2018 marketing year.
China’s wheat imports are expected to rise to 4.5 million tonnes in the year to June 2017 from 3.48 million tonnes previously as lower production and the poor quality of the domestic crop boost demand. Wheat production in China, the world’s top consumer of the grain, is estimated to decline to 129 million tonnes during the year from 130.19 million in the prior period. The USDA has estimated China’s wheat imports during the year at 4 million tonnes.
Weekend rain in Brazil favored C Mato Grosso. Localized wetness concerns for RGDS soy/rice harvest areas, but dry the next 10 days except for showers on Thursday. Weekend rains limited to N & SE fringes of Argentina northern ¼ of corn/soy the next 10 days; favorable early harvest. Return of Arg. rains in the 11-15 & 16-30 day outlook (mainly west) will slow fieldwork at times, but no signs of severe wetness.
An event-packed week for global markets got underway on Monday with stocks steady and the dollar recovering from a three-day fall as investors braced for a potential interest hike in the US, a Dutch election and the first G20 finance ministers’ meeting of the Trump era.
The world’s most powerful finance ministers and central bankers convene in the German town of Baden-Baden on March 17-18, their first meeting since Donald Trump’s US election victory in November where his protectionist stance on international trade is likely to be a key issue.
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