Soybeans were mostly higher in consolidation trade, with funds rolling out of July. There was no real fresh news, so traders pretty much took the path of least resistance. USDA’s updated supply and demand numbers are out next Wednesday, June 11. Soybean meal was mixed in consolidation trade and bean oil was up on a technical bounce.
Corn was higher on fund and technical buying, with contracts oversold after the recent declines. Crop weather looks generally very good and even if strong is good, there’s plenty of corn available. Like beans, corn pretty much just took the path of least resistance, while getting ready for Monday’s crop report and Wednesday’s supply and demand update. Ethanol futures were higher.
The wheat complex was higher on fund and speculative buying. Kansas City led the way up – the rain in the Southern Plains is far too late to help the hard red winter crop and is now delaying harvest activity. USDA’s winter wheat production report is also out Wednesday. Informa expects the crop to be around 1.396 billion bushels. Indonesia bought 200,000 tons of wheat from Russia and Thailand picked up 50,000 tons of U.S. wheat.