Market News

Soybeans down, corn up ahead of Thanksgiving

Soybeans were lower on fund and technical selling. Demand remains strong, with China buying another 120,000 tons of U.S. beans for delivery this marketing year. Past that – traders were just squaring up ahead of Thanksgiving. Soybean meal was mixed with nearbys up, including December moving back above $400 ahead of Friday’s first notice day. Soybean oil was narrowly mixed.

Corn was higher on fund and technical buying. Corn also had a lightly traded session with no real fresh supportive news. Trade in the commodity markets will resume on Friday morning. Ethanol futures were higher. Ethanol production for the week ending November 21 was a new all-time high at 982,000 barrels per day. China will reportedly keep domestic corn purchasing prices unchanged.

The wheat complex was higher on fund and technical buying. South Korea bought 31,000 tons of U.S. milling wheat, but otherwise, there was no real fresh news for wheat either. Weekly export numbers are delayed until Friday. According to DTN, Pakistan has reportedly rejected 20,000 tons of Black Sea origin wheat, due to either quality or increased import tariffs.