Market News

Soybeans start week higher

Soybeans were higher on fund and commercial buying. Crop development conditions around South America look good overall with more rain expected in central Brazil. Still, there are definitely parts of that country that need rain with the crop in the pod-filling stage. Demand looks strong with another solid week for export inspections. Soybean meal was higher and bean oil was lower on the adjustment of product spreads.

Corn was lower on fund and technical selling. Corn’s also watching weather in South America and the chance for rain this week in dry parts of South Africa. Past that – there was just no real fresh news in corn to start out the week. Weekly export inspections were good, but not outstanding. Ethanol futures were higher.

The wheat complex was lower on fund and technical selling. There was more fighting reported over the weekend in eastern Ukraine, but any long term trade disruption is still uncertain at this point. In any event, the fundamentals remain bearish and export demand for U.S. wheat is slow. Japan issued a sell-buy-sell tender for 120,000 tons of feed wheat and Lebanon is in the market for 30,000 tons of milling wheat.