Market News

Old crop soybeans up on new sale to China

Soybeans were mixed on commercial activity with old crop up and new crop down. After a couple of big cancellations during the previous couple of business days, China bought 176,000 tons of 2014/15 U.S. beans Wednesday. Harvest is just getting underway in Brazil, with some rain in the forecast for dry northern areas, along with good conditions in southern Brazil and Argentina. Celeres projects Brazil’s crop at 94.2 million tons. Soybean meal was higher and bean oil was lower on the adjustment of product spreads.

Corn was lower on fund and commercial selling. Corn’s watching crop weather in South America and corn growing parts of South Africa. Past that – there was no real fresh news and it looks like the pit’s trying to find a new trading range. Demand remains strong, but corn’s also dealing with a very large available supply. Ethanol futures were mixed.

The wheat complex was mostly lower on fund and technical selling. There’s rain in the forecast for the Plains and eastern Midwest this week. Export demand for U.S. wheat remains slow and the fundamentals are bearish. In sell-buy-sell trade, Japan bought 13,800 tons of feed wheat.