Market News

Improved weather sends corn, soybeans lower

 

Soybeans were lower on fund and technical selling. Harvest jumped over the last week, now at 40%, the crop is in great shape and forecasts for next week look drier. Demand remains strong and the trade continues to expect a record crop. Soybean meal was mixed, consolidating, and bean oil was down, following beans. Current FSA data has U.S. planted area at 81.003 million acres, with the potential for further revisions later. NOPA member crush for September was a lot lower than expected at 99.970 million bushels, but that’s due to supply, not demand.

Corn was lower on fund and technical selling. At 24%, the corn harvest is behind average, but the trade does expect better progress over the next ten days or so. The long term fundamentals remain bearish and corn also expects a record crop. Ethanol futures were lower. New numbers from the FSA has corn planted area at 85.204 million acres. As with soybeans, there is the potential for further revisions.

The wheat complex was mixed. The spring wheat harvest is wrapped up and winter planting and development is right around average. That drier forecast should allow for good planting progress next week in most areas. South Korea bought 25,200 tons of U.S. wheat. FSA has U.S. wheat acreage at 53.301 million acres.

 

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