Market News

Corn sees late bounce

 

Soybeans were lower on fund and technical selling. Weather forecasts this week look conducive for harvest activity and producers should make solid progress. Still, there are some delays in key growing areas and beans are a good value at current price levels, helping contract close near the session highs. USDA reports 95% of U.S. soybeans are dropping leaves, compared to the five year average of 97%, and 53% are harvested, compared to 66% on average. 73% of soybeans are rated good to excellent, unchanged on the week. Soybean meal and oil were lower.

Corn was higher on light technical and commercial buying. Corn’s also watching the weather and expecting excellent harvest progress in the next week or so, but contracts are seeing new demand around current levels. According to USDA, 93% of corn is mature, compared to 94% on average, and 31% is harvested, compared to 53% on average. 74% of corn is in good to excellent condition, steady with a week ago. Ethanol futures were lower.

The wheat complex was mixed in consolidation trade and the late bounce in corn. A faster harvest pace in the Eastern Midwest should lead to better winter wheat planting progress. Additionally, the crop appears to be developing well. USDA reports 76% of winter wheat is planted, compared to 77% on average, and 56% has emerged, compared to 50% on average. Egypt bought 120,000 tons of likely Black Sea origin wheat and Tunisia picked up 151,000 tons of optional origin durum.