SOYBEAN futures at the Chicago Board of Trade were slightly higher on Monday, in a toss up between good export movements and the latest statement from United States President Donald Trump on the war with Iran.
Trump claimed the U.S. and Iran had “productive conversations” during the weekend, while Iran disputed Trump’s statement.
The U.S. Department of Agriculture announced a private sale of 161,120 tonnes of old crop soybeans to Mexico.
The USDA issued its export inspection report for the week ended March 19, as those for soybeans nudged up from the previous week to 1.10 million tonnes. The year-to-date reached 29.18 million tonnes, compared to 39.96 million the same time last year.
Read Also
ICE Closing Review: Weaker crude oil pulls down canola
By Glen Hallick Glacier FarmMedia – Intercontinental Exchange canola futures dropped back on Monday, following steep declines in crude oil….
AgRural estimated the Brazil soybean harvest at 68 per cent complete as of Thursday, 12 points behind the same time last year.
President Trump is scheduled to make an announcement regarding biofuel policy on Friday, when he meets with farmers and biofuel producers.
CORN futures were lower on Monday, pulled down by Trump’s claim.
The USDA reported a private sale of 102,000 tonnes of old crop corn to Mexico.
The department said corn inspections were 1.70 million tonnes, virtually the same as last week. Cumulative inspections hit 44.58 million tonnes versus 32.35 million a year ago.
AgRural placed the planting of Brazil’s safrinha corn at 97 per cent finished, when seeding was finished this time last year.
WHEAT futures were also lower on Monday, pressured by the president’s assertion on the war.
Export shipments of U.S. wheat were higher on the week at 458,411 tonnes. Cumulation inspections amounted to 19.93 million tonnes compared to 16.89 million a year ago.
