Market News

Corn, soybeans continue lower trend

Soybeans were lower on fund and commercial selling, along with spillover from the outside markets. The dollar was mixed and the Dow, gold, and crude oil were sharply lower on continued global economic uncertainties during the futures day trade. However, after the commodities closed, the Dow turned hard, closing more than 150 points higher. Past that – weather looks good and harvest is advancing well in most areas of the Midwest but there are some areas of concern. Soybean meal and oil were lower on spillover from beans and demand concerns.

Corn was lower on commercial and fund selling, in addition to the outside market direction during the day trade. Still, losses were limited by technical support and continued concerns about yield and quality. In any event, weather forecasts across the most Cornbelt for the rest of the week look generally warm and dry, allowing for good harvest progress, but, as with beans, there are some areas of concern including high moisture levels in parts of the Eastern Cornbelt. Ethanol futures were mostly lower. DTN reported the sale of 121,000 tons of U.S. feed corn to two South Korean feedmills. According to Russia’s Ag Ministry, the year to date corn harvest is at 2 million tons with collected grain area so far at 88% of the anticipated total.

The wheat complex was lower on fund and commercial selling, along with the outside market influence during the day session. Japan did buy U.S. milling wheat Tuesday but it was a small amount, 24,900 tons, and overall demand remains slow. Canada’s wheat production figure was up on the quarter and the year at 21.460 million tons and Egypt is increasing its protein level requirements; U.S. wheat will go from 11% to 11.5% and Russia moved from 11% to 12%. European wheat was lower on the broader market trade. Russia’s Ag Ministry states 88% of the grain crop is harvested with the running total for all grain at 89.5 million tons out of a projected 90 million; cumulative wheat collection is at 55.8 million tons. Ukraine’s Ag Ministry states 82% of the expected harvested area is in the bins with the running total at 40.8 million tons, adding 62% of winter crops are planted.

Add Comment

Your email address will not be published.


 

Stay Up to Date

Subscribe for our newsletter today and receive relevant news straight to your inbox!