Market News

Soybeans try to rally, but can’t follow through

Soybeans were lower on fund and technical selling. Contracts tried to rally but were unable to follow through. Weekly export sales were up sharply on the week, China was the leading buyer, and shipments were strong. Still, that information was relatively old by the time the report was out and South American weather generally looks good overall. Soybean meal was mixed, consolidating, and bean oil was lower.

Corn was lower on fund and technical selling. Weekly export sales were just over 42 million bushels and it was a pretty good week for the physical shipments. However, even with solid export and domestic demand, there’s a lot of corn. Ethanol futures were lower. Unknown destinations bought 116,000 tons of U.S. grain sorghum, with half for delivery this marketing year and half for next marketing year.

The wheat complex was higher on fund and technical buying. The dollar was mostly lower and weekly export sales were larger than expected, but it was yet another slow week on shipments. At this point, it really just looks like the complex saw an oversold bounce. DTN reports Jordan bought 100,000 tons of hard wheat, possibly from Romania.