Chicago soybeans were set to post a third week of gains today after strong demand underpinned prices of the oilseed and offset pressure from a record US harvest and a rising dollar.
Corn and wheat are on track to fall slightly over the week as abundant global grain supplies continue to keep a lid on the cereal markets. The USDA reported export sales of US soybeans in the latest week at just over 2 million tonnes, well above the range of trade expectations for the 1.0 million to 1.3 million tonnes. The agency also said private exporters sold 192,000 tonnes of US soybeans to unknown destinations.
Private analytics firm, Informa Economics, projected a 5.7 percent increase in US soybean plantings for 2017 and a 3.7 percent decline in corn plantings. Informa forecast 2017 soybean plantings at 88.487 million acres, an all-time high if realized. The firm projected US corn plantings at 90.971 million acres.
Global stocks were set for their first weekly gain in four weeks on Friday and the dollar rose to its highest since March. Oil edged higher as Russia reiterated its commitment to joining a producer's' output freeze to stem a 2-year slide in prices.
The risk of trading futures, hedging, and speculating can be substantial. Grain Hedge is a Branch of Foremost Trading LLC (NFA ID: 0307930)
