Market News

Narrowly mixed finishes for corn, soybeans

Soybeans were narrowly mixed on profit taking, fund selling and consolidation. Contracts tried to make solid gains, but the bearish fundamentals and harvest pressure kept buying interest in check. Export sales were larger than expected while shipments were less than half of what’s needed weekly to meet USDA projections for the marketing year. China bought 115,000 tons of U.S. soybeans ahead of the open and Dow Jones Newswires adds Taiwan bought 12,000 tons of U.S. soybeans from Cargill at $516.16 per ton. Soybean meal was down on profit taking and the adjustment of product spreads while oil was up on that activity and the strength in crude oil.

Corn was narrowly mixed on profit taking and consolidation, along with fund and technical selling. Like beans, harvest pressure was a factor and traders are wary about pricing corn above demand. Weekly export sales were strong and shipments were just slightly less than what’s needed to hit USDA estimates. Ethanol futures were mostly higher. According to Dow Jones Newswires, Taiwan’s Sugar Corp. bought 23,000 tons of U.S. corn from Cargill at $331.77 per ton.

The wheat complex was mixed, mostly lower, after its recent gains. Chicago and Kansas City were down on profit taking and forecasts for better planting weather but nearby Minneapolis did see support from good demand for high protein wheat. Weekly export sales were in the middle of expectations and shipments were more than what’s needed weekly to meet USDA projections. European wheat was higher thanks to fund buying and the recent more stable tone in the broader market. Coceral pegs 2011/12 European Union soft wheat production at 128.39 million tons out of a total grain crop of 279.03 million tons, with the United Kingdom’s Department for Environment, Food, and Rural Affairs anticipating a 2011/12 U.K. wheat crop of 15.4 million tons. Japan bought 79,700 tons of U.S. wheat.