Market News

Soybeans, corn, wheat bounce higher

 

Soybeans were higher on short covering and technical buying. Traders were getting ready for the progress update and Tuesday’s quarterly stocks report. That said – beans are still looking at a bearish supply and demand outlook. USDA reports 69% of soybeans are dropping leaves, compared to the five year average of 71% and 10% is harvested, compared to 17% on average. 72% of the U.S. soybean crop is rated good to excellent, up 1% on the week. Soybean meal and oil followed beans higher.

Corn was higher on short covering and technical buying. Corn was also waiting for those USDA numbers, while watching the weather, with a good chance for rain in many areas this week. Still, the fundamentals do remain bearish. According to USDA, 96% has dented, compared to 97% on average, with 60% mature, compared to 70% on average, and 12% harvested, compared to 23% on average. 74% of U.S. corn is called good to excellent, unchanged from last week. Ethanol futures were higher.

The wheat complex was higher on short covering and technical buying. Along with the stocks update, wheat production numbers are out Tuesday, with modest changes expected. For spring wheat, 94% is harvested, compared to 96% on average, and for winter wheat, 43% is planted, compared to 36% on average, with 14% emerged, compared to 12% on average.