Looks like another week of the soybean as Argentina is still at center stage in world grain markets and comments. US futures prices for soybeans were up by about USD 8 m/t while soymeal rallied by close to USD 15 m/t. But it wasn’t just soybeans this week as wheat also took a good run higher with US hard red winter wheat (HRW) up by USD 18 m/t while US soft red winter wheat was up by about USD 13 m/t.................please see click PDF to see more details

Once again, this week, soybeans were the most exciting part of the market with prices moving higher by another USD 5 or 6 m/t. The dry weather in Argentina coupled with lowered Argentina crop estimates continue to push soybean prices higher. Preliminary crop estimates in the US for soybeans were mainly neutral but more experts are getting on board for a record soybean crop in Brazil. Looks like the bullish side of soybeans is still winning even though everyone’s crop but Argentina looks to be in or close to record levels..........please click PDF to see more details

Ah, this was the week of the USDA WASDE report and, as usual, it is never quite what we expected. Perhaps, it is also true that the volatility in the world stock exchanges is having a bigger effect on commodity prices than the WASDE – or even the downs and ups of the US dollar. With corn, the feeling was that the WASDE was a little supportive due to the lower ending stocks numbers, but corn futures ended the week with little or no change. For soybeans, the WASDE was seen as being bearish due to the USDA’s higher crop estimate but then the drop in the Argentina soybean crop forecast from the Argentina government certainly changed the market ideas when it came in about 4 million m/t below the USDA estimates.............please click PDF to see more details

Looking at market prices this week, the only grain to show much strength was wheat – hard red winter in particular. The winter wheat crop was said to be quite vulnerable to the cold weather and a lack of snow cover in major HRW areas created concern. The weather forecast did change on Friday and there seems to be some snow in the forecast which will offer better protection to the wheat........please click PDF to see more details