Market News

Soybeans up on solid demand

Soybeans were higher on fund and technical buying. Demand is strong and export inspections were bullish, but crop conditions around South America look good, for the most part. At this point, the trade’s basically waiting for the final 2014 production numbers next month. Soybean meal was up, following beans, and oil was mixed, consolidating.

Corn was narrowly mixed in consolidation trade. Corn should see fairly light, sideways activity ahead of the day off for Christmas. Trade will resume Friday morning. Export demand appears to be improving as unknown bought 166,600 tons of 2014/15U.S. corn, which could eventually be headed to China. Ethanol futures were mixed.

The wheat complex was lower on fund and technical selling. Russia will put duties on grain exports, restricting sales over the next several months. That started wheat higher, but, after the recent gains, that may already be priced into the market, and wheat is always being harvested somewhere. Egypt bought 240,000 tons of wheat from France and 60,000 tons from Russia.