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Solid finish for wheat, corn

Soybeans were mostly higher on technical buying and position squaring ahead of the first notice day. Contracts look a little oversold and the weekly new crop sales were strong at 1.3 million tons. Past that – the fundamentals look bearish and early yield numbers have been solid. Soybean meal was higher and soybean oil was lower on the adjustment of product spreads.

Corn was higher on short covering and technical buying, along with spillover from wheat. Corn pretty much just saw a bounce off of the recent lows. The weekly export numbers, fundamentals, and early yield numbers are all bearish. Ethanol futures were higher. Allendale reports South Korea’s Major Feedmill Group is tendering for 280,000 tons of optional origin corn.

The wheat complex was higher on commercial and technical buying. The trade’s watching the renewed tensions in Ukraine and the domestic spring harvest delays. Weekly export numbers were just about neutral, with good sales and slow shipments. The trade’s expecting light deliveries against the September CBOT contract. Australia’s Bureau of Meteorology notes dry weather around the eastern coast of Australia could threaten production this year.