Market News

Grains and oilseeds drift late

Soybeans were lower on profit taking and technical selling. Soybeans started higher but with no fresh demand news, contracts just couldn’t follow through. The trade’s been talking a lot about fresh Chinese interest with nothing surfacing over the past several days. Still, losses were limited by scattered harvest delays and the firm cash basis. Soybean meal and oil were down following soybeans.

Corn was mixed, mostly firm, on fund buying against profit taking. There have been some harvest delays over the past week and farmer selling is slow, supporting the cash basis. Outside markets were very bullish ahead of an expected weekend European Union meeting. However, there was no fresh news and harvest in other areas is moving well. Ethanol futures were higher.

The wheat complex was mixed in consolidation trade. Contracts tried to make gains but couldn’t follow through due to the bearish fundamentals. Still, Chicago’s keeping an eye on feed demand, Kansas City is watching weather in the Southern Plains, and Minneapolis is looking at its own bullish fundamentals, at least relative to the other U.S. pits. European wheat was modestly higher, tracking the early U.S. gains. Kazakhstan’s Ag Ministry reports 99% of their grain crop is harvested with the total so far at 28.2 million tons.

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