Market News

Slow planting pace supports corn

Soybeans were lower on fund and commercial selling. Brazil’s harvest is nearly over, Argentina’s about a quarter done, and U.S. planting could be a new record. Past that – there was no fresh news, especially from the demand side, and there are a lot of uncertainties about Chinese demand. Soybean meal and oil were lower on the bearish tone in the soybean complex.

Corn was higher on fund and commercial buying. As of Sunday, 6% of the crop’s planted, compared to 4% a year ago and 14% on average, which was a little slower than expected. Additionally, forecasts do show some cooler than normal temperatures and parts of the Midwest will see heavier than average rainfall. Also, Mexico bought 240,000 tons of new crop U.S. corn. Ethanol was mixed, with nearby contracts higher.

The wheat complex was higher on fund and technical buying. The trade continues to watch drought conditions in the Southern Plains, along with the potential for another cold snap, and planting delays in the Northern Plains. The trade’s also watching political tensions in the Black Sea region. According to Russia’s Ag Ministry, 11.5% of spring grains are planted, ahead of last year’s pace. DTN reports Japan has a pair of wheat tenders out: a sell-buy-sell tender for 120,000 tons of feed wheat and a tender for 108,800 tons of food wheat from the U.S., Canada, and Australia.