Market News

Grains, oilseeds start March lower

Futures Markets copy

Soybeans were lower on fund and commercial selling. The truck strike in Brazil is ongoing, but there are fewer blockades reported. Crop weather conditions around South America look good for development. There are some harvest delays, though. Soybean meal and oil were lower, following soybeans.

Corn was lower on fund and commercial selling. Corn’s also watching South American weather with rainfall over the weekend in key growing areas of Argentina. Demand is solid and producer selling is light, but there’s a lot of corn available. Ethanol futures were higher.

The wheat complex was lower on fund and commercial selling. Forecasts show gradually warmer temperatures and more precipitation in winter wheat growing areas. That’s very welcome considering how close the crop is to coming out of dormancy. Past that – the fundamentals remain bearish, with a large available supply and slow demand for U.S. wheat.

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