Market News

Export sales support corn

 

Futures Markets copy

Soybeans were lower on fund and technical selling. Weekly export sales were a new marketing year low after a couple of big cancellations. Past that – the trade’s watching weather in South America with more rain headed for central Brazil. Agroconsult projects Brazil’s crop at 93.9 million tons, down from their previous guess. Soybean meal was higher and bean oil was lower on the adjustment of product spreads.

Corn was higher on fund and technical buying. Weekly export sales were a new marketing year high, but it was yet another slow week for shipments. Still, 86 million bushels is an impressive amount of corn and the slow-down in bean sales could help corn. Ethanol futures were higher.

The wheat complex was mixed with Chicago and Kansas City lower on fund and technical selling, along with the higher dollar. Minneapolis was up fractionally. Weekly wheat export numbers were bearish and there was no fresh news. It’s expected to be a warm weekend in many U.S. winter wheat growing areas. The European Union issued export licenses on 728,000 tons of soft wheat.

 

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