soybeans

According to a government statement released this morning, Egypt has strategic wheat reserves sufficient for six months of consumption. Egypt is the largest importer of wheat in the world and generally when this type of announcement comes out, a new tender is approaching.

US farm markets were mixed, but mostly higer to start the week. Corn prices were unchanged after a somewhat choppy session. Soybean prices grabbed double-digit gains moving 1.25% higher, thanks the strong demand for biodiesel and vegetable oils.  All wheat complex continued to be higher on tightening global supplies. Thus, spring wheat contracts firmed 1.5%,