Wheat gains ground as soybeans move lower

Wheat gains ground as soybeans move lower

Soybeans were lower on fund and technical selling. Parts of Argentina and northern Brazil received better than expected weekend rainfall, with more potentially on the way. Some replanting has been done and there’s a long way to go, but improvements in soil moisture in those areas will help. The near-term supply is tight and demand is solid, but that was not enough to break the pressure from improved weather in parts of South America. CONAB’s updated outlook for Brazil is out Thursday, with new USDA supply, demand, and production numbers out Friday.

    

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