First up, AgWeb:
Grains were sharply higher to start the week with soybeans continuing to lead the complex on double-digit gains. In outside markets, crude oil surged and equity futures were modestly higher to start the day.
Soybeans continue to be cautious over issues in Argentina as crop losses there and a sharp drop in soymeal exports from the world’s #2 supplier underpin the market. Export competitiveness continues to favor US suppliers with Brazil trading at a $22/MT premium over US export prices. One week ago that premium was only $7/MT.
In overnight news, export deals on wheat and corn were active to start the week. Taiwan Flour Millers bought 110,905 MT of US milling wheat while South Korea’s largest feed manufacturer NOFI purchased 267,000 MT of US corn. They also bought 60,000 MT of optional-origin feed wheat and 50,000 MT of soymeal. Another South Korean feed company FLC bought 65,000 MT of corn from the US....
And from Agrimoney:
AM markets: soy revives rally. Corn prices hit 10-month high
So was the last session's retreat in the soy complex just down to pre-weekend profit-taking, or was there something more structural and sinister involved, suggesting the rally is over?
The answer was that the setback was just a temporary blip - at least, so early trading suggested, when soybeans spurted back up to $11.54 ¾ a bushel, before easing back to $11.48 ¼ a bushel as of 09:00 UK time (03:00 Chicago time).
That was still a respectable 1.4% up on the day, a hefty move for early trading hours, and more than recouped the last session's losses.
'Strong buying interest'
The move upward reflected fresh concerns over South American supplies, which are seen driving demand from importers to the US, so warranting higher Chicago values.
"Solid US export sales are lending support to ideas that, as South American basis firms, importers are switching over to more US soybeans," said Tobin Gorey at Commonwealth Bank of Australia.
Paris-based Agritel said: "The beginning of the week has confirmed strong buying interest, as new rains are expected in Argentina," where the rain-delayed harvest is already running well behind the typical pace, delaying the release of crop to the market....
See also last week's: