Market News

Increasing supply sends soybeans lower

 

Soybeans were lower on fund and commercial selling. Demand remains solid, but with harvest coming to a close, the supply tightness is much less of a factor. USDA’s reporting unknown destinations bought 125,000 tons of U.S. beans, the third major purchase of U.S. beans this week. Soybean meal and oil were lower, following beans. Soybeans are also watching the planting pace in South America, with improved rainfall and planting both expected over the next week.

Corn was lower on fund and commercial selling. Corn’s also keeping an eye on the tail end of this year’s harvest, with warmer conditions expected in many areas by the weekend. Past that – there was no real fresh supportive news. Ethanol futures were lower. Corn’s also watching the soybean planting pace in South America. Assuming planting moves as expected, it could lead to bigger second crop corn acreage.

The wheat complex was lower on fund and technical selling. There was also no real news for wheat and fundamentals remain bearish. The U.S. is reportedly importing 45,000 tons of feed wheat from France, the largest U.S. purchase of French wheat in more than a decade. DTN adds 18,000 tons of feed wheat was delivered to the U.S. from the United Kingdom. Japan’s tendering for 123,200 tons of food wheat from the U.S., Australia, and Canada.