Market News

Grains, oilseeds down on commercial selling

Soybeans were lower on fund and commercial selling. Ahead of the open, China bought 120,000 tons of new crop U.S. beans and the trade wants to buy back some U.S. acreage ahead of Friday’s prospective planting numbers. That said – the outside markets didn’t provide much direction and aside from the sale to China, there was no real fresh news. Soybean meal and oil were down on profit taking and spillover from beans.

Corn was lower on commercial and fund selling. There was no real fresh supportive news or follow through buying after the firm start and the trade expects a year to year increase in acreage Friday morning. Still, there’s a chance for a freeze in parts of the Midwest and quarterly ending stocks should be down on the year with that report also out on Friday, March 30. Ethanol futures were lower. According to Dow Jones Newswires and DTN, South Korea bought 65,000 tons of optional origin corn with DTN adding Israel is tendering for 35,000 tons of optional origin corn.

The wheat complex was sharply lower on fund and commercial selling. The overall fundamentals remain bearish, especially on the global supply side, and U.S. acreage should be above year ago levels. Past that – the trade’s watching weather both here in the states and in Europe while getting ready for those USDA numbers Friday. European wheat was lower on profit taking and position squaring ahead of the USDA reports. DTN states Taiwan is tendering for 41,700 tons of U.S. wheat and Israel is in the market for 25,000 tons of optional origin feed wheat.