Market News

Lack of fresh news sends grains, oilseeds lower

 

Futures Markets copy

Soybeans were lower on fund and technical selling. There’s more rain in the forecast for central Brazil with the crop in the pod-filling stage. Parts of northern Brazil due need more rain, but conditions in southern Brazil and Argentina look good. Past that – while export and domestic demand continue to look strong, there was no real fresh news. Soybean meal and oil followed beans lower.

Corn was lower on fund and technical selling. There was no real fresh news for corn either and while demand looks solid, it’s not exactly outstanding. Corn’s largely going to take the path of resistance until there’s some new input. That may not really occur until the next set of supply and demand estimates. Ethanol futures were higher.

The wheat complex was lower on fund and technical selling. There’s some commercial interest, but the dollar shot to new multi-year highs with the European Central Bank announcing a new stimulus measure for the E.U. In any event, there was no fresh news and the fundamentals continue to look bearish. Japan bought 47,600 tons of U.S. food wheat, along with 50,600 tons from Canada and 39,300 tons from Australia.

 

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