Market News

Mostly lower finish for grains and oilseeds

Soybeans were mostly lower with January up on commercial demand and the others lower on a lack of follow through buying. Unknown destinations bought 151,000 tons of U.S. beans with 91,000 tons for delivery this marketing year and 60,000 tons for next marketing year. In any event, the trade’s continuing to watch conditions around South America with Brazil looking better than Argentina right now. Soybean meal and oil were weak on spillover from beans and a lack of fresh supportive news.

Corn was lower on technical selling and a lack of fresh supportive news. Volume should be pretty light this week as the trade gets ready for the early close next Monday and Christmas next Tuesday. Past that – the pit’s watching conditions in South America and waiting for any new input from the export market. Ethanol futures were lower. According to Ukraine’s Ag Ministry, corn exports from July 1 to December 14 were 5.46 million tons, with total sales 71% ahead of the same period a year ago.

The wheat complex was lower on technical selling and the higher dollar. There was no real fresh supportive news with Ukraine’s exports continuing to run ahead of average at 5.65 million tons, with 4.8 million of that milling quality wheat. Still, that export pace will have to slow down eventually, either by an outright or unofficial ban, and key U.S. winter wheat growing areas remain locked in drought. European wheat was down on a lack of follow through after early gains with contracts settling near five month lows. Via DTN, India has placed another 100,000 tons of wheat on the export market, bringing their total current offering to 590,000 tons.