SOYBEAN futures at the Chicago Board of Trade were lower on Monday, due a stronger United States dollar. However, sharp gains in crude oil drove up soyoil.
Back and forth strikes by the U.S. and Israel versus Iran pushed up those crude oil prices.
The U.S. Department of Agriculture reported export inspections of soybeans for the week ended Feb. 26 at 1.14 million tonnes, with about 734,700 tonnes to China. The overall year-to-date rose to 26.18 million tonnes compared to 37.60 million a year ago.
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The USDA issued its fats and oils report, showing 228 million bushels of soybeans were crushed in January, surpassing trade expectations of 226.30 million and the previous January’s crush of 213 million.
AgRural placed the Brazil soybean harvest at 39 per cent complete, 11 points behind last year’s pace. AgRural cut three million tonnes from its production estimate, now at 178 million.
Meanwhile, StoneX slashed 3.73 million tonnes from its call for the Brazilian soybean harvest, now at 177.80 million.
CORN futures were lower on Monday, unable to benefit from the increases in crude oil.
The January corn grind took in 505 million bushels, higher than 483 million predicted by analysts, but down from about 510 million a year ago.
U.S. corn exports were 1.86 million tonnes, pulling back from 2.02 million last week. The cumulative total hit 39.62 million tonnes versus 27.27 million this time last year.
AgRural pegged the Brazilian first corn harvest at 36 per cent finished, 10 points back of this time last year. The consultancy estimated the planting of the second crop was 66 per cent done, 14 points less from a year ago.
WHEAT futures were lower on Monday, with the hardest declines in Chicago and moderate losses in Kansas City and Minneapolis.
The weather outlook for western parts of Kansas, Oklahoma and the Texas Panhandle is for less than a half inch of precipitation, while the eastern areas are to get heavier amounts.
The USDA said wheat exports dropped to 344,272 tonnes from 563,420 last week. Cumulative inspections rose to 18.62 million tonnes compared to 15.67 million a year ago.
Rusagrotrans estimated February Russian wheat exports of three million tonnes and forecast those for March at 3.50 million. IKAR also calculated Russian wheat exports for March at 3.50 million tonnes and about 2.75 million tonnes for February.
Saudi Arabia bought 794,000 tonnes of wheat during the weekend.
