But today, fears of being overbought gripped the markets, sending prices plummeting on a round of technical selling and profit-taking.
Very little rain or snow is expected in the Midwest or Plains between Saturday and Tuesday, although the Mid-South will see some moderate moisture during this time, per the latest 72-hour cumulative precipitation map from NOAA.
On Wall St., the Dow climbed 765 points higher in afternoon trading to 33,989 as a very volatile week winds down.
Cumulative sales for the 2021/22 marketing year have finally caught up to and now slightly exceed last year’s pace, with 953.4 million bushels.
Trade Representative Katherine Tai noted U.S./China trade relations is “extremely difficult and getting more difficult,” speaking at the USDA Agricultural Outlook Forum.
Taiwan passed on multiple offers in its international tender to purchase 2.6 million bushels of animal feed corn, which closed earlier today.
The first was for 12.3 million bushels for delivery to China during the 2022/23 marketing year, which begins September 1.
Soybean exports for the week ending February 17 saw combined old and new crop sales reach 77.1 million bushels.
Soybean export shipments were 8% higher from a week ago but 5% below the prior four-week average, with 46.3 million bushels.
Meantime, there’s growing concern that Brazilian farmers, who lean on Russia as their biggest supplier of NPK, could face a supply pinch and suffer soaring fertility costs after Russia invaded Ukraine earlier this week.
“It went to Argentina, the United States, it came to Brazil, they are talking to everyone.” Abiove predicts 2022 Brazilian soyoil exports will top 1.7 million metric tons – a record, if realized.
Wheat prices were slashed on a round of technical selling and profit-taking as fears over supply disruptions in the Black Sea region eased somewhat, turning to fears that traders were holding an overbought position.
Cumulative totals for the 2021/22 marketing year are still tracking around 125 million bushels behind last year’s pace, with a total of 506.4 million bushels so far.