Market News

Corn, soybeans start week on a lower note

Soybeans were lower on fund and technical selling. It looks like it may be a quiet week heading into Thanksgiving, with harvest just about wrapped in many areas. According to USDA, 97% of U.S. soybeans are harvested, compared to 98% on average. China bought 235,000 tons of 2014/15 U.S. soybeans and Thailand picked up 174,000 tons of 2015/16 U.S. soybean meal. Soybean meal was lower and bean oil was higher on the adjustment of product spreads.

Corn was lower on fund and technical selling. Corn’s watching the tail end of harvest, expecting activity to be nearly over in some key production areas. USDA reports 94% of U.S. corn is harvested as of Sunday, compared to 92% on average. This was the last official national progress update of the growing season. Ethanol futures were mixed. Unknown destinations purchased 116,000 tons of 2014/15 U.S. sorghum.

The wheat complex was mixed. Wheat’s expected to spend most of the week consolidating, with no real fresh news. Demand remains slow as evidenced in the weekly export inspections and the trade’s looking at a large world supply. USDA states 92% of winter wheat has emerged, compared to 89% on average and as the crop heads into dormancy, 58% is rated good to excellent, down 2% on the week. Saudi Arabia bought 345,000 tons of 12.5% protein optional origin hard wheat and, according to DTN, 58,000 tons of French feed wheat is headed to South Korea.