Market News

Another down day for corn, soybeans, wheat

 

Soybeans were lower on fund and technical selling. Quarterly stocks were a lot smaller than expected at 92 million bushels, reflecting just how strong demand was last quarter. However, USDA did increase its numbers for last year’s crop and this year’s crop should be a new record. Contracts did try to rally, but couldn’t follow through. Soybean meal and oil followed beans lower. Agroconsult projects Brazil’s soybean crop at 94.8 million tons.

Corn was lower on fund and technical selling. Quarterly corn stocks were a little larger than expected and up 50% from this time last year. In any event, the fundamentals are bearish due to the expected record crop. USDA’s next production estimate is out on the 10th and should factor in at least some of the FSA acreage data. Ethanol futures were mixed.

The wheat complex was lower on fund and technical selling, along with the higher dollar. All wheat and winter wheat production were both down on the year, pretty much as expected. Quarterly stocks were also bearish, up 2% from a year ago. Additionally, the trade expects another bearish round of world supply and demand numbers October 10. ABARE sees Australian wheat production at 24.23 million tons.

 

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