Market News

Wheat watching weather, Black Sea region

Soybeans were higher on fund and commercial buying. Old crop exports were a new marketing year low, but it was another strong week for the shipments. The near term supply remains tight, even with signs of increased U.S. imports, of not only soybeans, but soybean meal. Soybean meal was up, following beans, and bean oil was mostly firm. According to Statistics Canada, canola planted area should be 19.801 million acres, nearly unchanged from last year, but below pre-report projections.

Corn was lower on profit taking, but most months did manage to hold at key technical levels. Parts of the Cornbelt are making some planting progress, but other areas are seeing another round of rain and cooler temperatures. Weekly export numbers were neutral. Ethanol futures were lower.

The wheat complex was higher on fund and speculative buying. There’s more dry and windy weather in the forecast for the Southern Plains and traders are also watching tensions in the Black Sea region. The weekly export numbers were bearish. Statistics Canada projects 2014 wheat acreage at 24.936 million acres, down on the year, but towards the high end of pre-report estimates. Durum planting is expected to be around 4.835 million acres. Morocco bought 30,000 tons of wheat from Poland.