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South America pressures soybeans

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Soybeans were lower on fund and commercial selling. Growing conditions around South America look good with no real weather threat in the forecast. Demand remains strong, but there was no fresh supportive news. Soybean meal and oil were lower, following beans. AgRural reports 96% of Brazil’s soybean crop is planted. ABIOVE has left its Brazilian production forecast at 91 million tons, below the most recent projections from USDA and CONAB.

Corn was lower on fund and technical selling. The trade’s watching weather and the potential for increased feed demand. Corn’s also continuing to see very strong domestic demand for ethanol use, but, a lot like beans, there was no real fresh news. Ethanol futures were lower. Ukraine has confirmed corn shipping disruptions with China and Beijing has reportedly ended its import ban on corn with the MIR 162 trait. Both of those could mean new Chinese demand for U.S. corn. According to AgRural, Brazil’s second crop corn planting could be around 19 million acres, compared to 20.3 million in 2013/14.

The wheat complex was higher on fund and commercial buying, along with the mostly lower dollar. The trade’s keeping an eye on wheat exports and conditions, along with the money situation in Russia. The ruble hit a 25-year low Monday and has seen more losses, even after Moscow raised interest rates, recently trading below Ukraine’s currency. Japan is tendering for 130,400 tons of food wheat from the U.S., Australia, and Canada.

 

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