Market News

Small bounce for soybeans

Soybeans were higher on technical buying. Contracts saw a modest bounce after Thursday’s losses and unknown destinations bought 131,000 tons of new crop U.S. beans. Parts of the region did see a freeze, but it likely won’t be enough to break the long term trend, and, unless something changes drastically, we’ll see a record crop this year. Soybean meal was lower and bean oil was higher, adjusting product spreads.

Corn was lower on fund and technical selling, hitting another round of new contract lows. Corn was digesting the USDA numbers and watching weather developments in areas of the northern Midwest. The trade’s also keeping an eye on early yield numbers from some of the key producing states. New FSA acreage data is out Tuesday. Unknown destinations picked up 116,000 tons of U.S. corn. Ethanol futures were lower.

The wheat complex was lower on fund and technical selling. Rain in the Plains is slowing down winter planting, but more importantly, its recharging soil moisture. Past that – the fundamentals remain bearish, mostly due to the world supply, which was just reinforced by Thursday’s USDA report. DTN reports Tunisia picked up 100,000 tons of optional origin durum, Algeria bought 400,000 tons of wheat, and France purchased 100,000 tons of German milling wheat.

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