Soybeans were higher on speculative buying and short covering. Weekly export sales were at the high end of estimates, shipments were solid, and the trade continues to watch hot, dry weather in some of the key growing areas of South America. Commodity markets are closed Monday following the New Year with open outcry resuming at the normal time Tuesday morning. Soybean meal and oil were higher on spillover from beans and the fundamental implications of a smaller South American crop.
Corn was higher on speculative buying and short covering. Corn was also watching the weather in South America with mostly hot and dry conditions expected over the near term. Weekly export sales were lower than expected but shipments were more than what’s needed weekly to meet USDA projections for the marketing year. Ethanol futures were higher.
The wheat complex was mostly higher on short covering and speculative buying in Chicago and Kansas City. Minneapolis was narrowly mixed, mostly weak, in quiet activity, as traders adjusted the spread with Chicago. Wheat’s keeping an eye on South American conditions as well and also watching the dry weather across Ukraine. Weekly export sales were at the high end of estimates but physical shipments remain slower than expected and the overall supply and demand fundamentals remain bearish. European wheat futures were modestly lower in quiet trade on end of the year position squaring.
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