Soybeans, corn, wheat close with modest gains

Soybeans, corn, wheat close with modest gains

Soybeans were modestly higher on short covering and technical buying after a wide-ranging session. Export sales were up on the week, but Brazil remains in control of the global market. The weekly total was 18.2 million bushels, China and Mexico topped the list, with a minor cancelation by unknown destinations. The 2023/24 pace continues to trail 2022/23 by a wide margin because of Brazil’s dominance. Weather for Argentina and southern Brazil generally looks drier, which should help harvest activity, but that could be followed by more rain in some areas next week.

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