SOYBEAN futures at the Chicago Board of Trade were stronger on Tuesday, underpinned by solid monthly crush data as trade resumed after the Presidents Day long weekend.
- Members of the National Oilseed Processors Association (NOPA) crushed 221.564 million bushels of soybeans in the United States in January, which was a record for the month and up 10.6 per cent from the same month a year ago. However, the soybean crush was still down 1.5 per cent from December, as adverse weather disrupted some operations.
- Optimism over increased sales to China underpinned values, although the Lunar New Year holiday was limiting business.
- Weekly U.S. corn export shipments were up 5.0 per cent on the week at 1.2 million tonnes, with China accounting for roughly half of the total.
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WHEAT futures saw follow-through selling after Friday’s retreat from nearby highs amid ideas the gains earlier last week were overdone.
- Relatively favourable weather conditions for the U.S. winter wheat crop and rising production estimates out of Russia contributed to the declines.
- Analysts SovEcon raised their call on Russian wheat production by 2.1 million tonnes from an earlier estimate to 85.9 million tonnes.
- Weekly U.S. wheat export inspections were down 35 per cent on the week at 375,402 tonnes.
CORN futures were down in sympathy with wheat, lacking any fresh supportive news.
- Weekly U.S. wheat export shipments came in at just under 1.5 million tonnes, down 7.3 per cent on the week.
