Market News

Wheat continues to soar

Soybeans were higher on fund and technical buying. There was just no real fresh news for beans and weather around South America looks generally good. Demand’s strong, but beans may continue to drift over the next couple of weeks. Soybean meal was higher and bean oil was steady to weak, adjusting product spreads.

Corn was lower on fund and technical buying. China reportedly purchased 900,000 tons of dried distillers’ grains last week and is said to be in the market for U.S. corn. Still, it looks like corn may also just trade sideways ahead of the new year. Ethanol futures were higher. Ethanol production for the week ending December 12 average 990,000 barrels per day, up 6.68% on the year. Stocks were down sharply at 17.659 million barrels.

The wheat complex was higher on fund and commercial buying. The trade’s continuing to monitor the trade and financial situations in Russia, which could lead to more demand for U.S. wheat. Russia’s reportedly going to be limiting exports to four nations, Armenia, Egypt, India, and Turkey. The ruble did firm up late Wednesday, but not substantially. Wheat’s also watching forecasts for rain around the U.S. Plains.