Market News

Soybeans lower, watching South America

 

Soybeans were lower on fund and technical selling. The trade’s watching harvest activity around South America, with most areas expected to make good progress over the next few days. Past that, traders are getting ready for the USDA numbers on the 31st. The quarterly grain stocks and 2015 prospective planting numbers are out at Noon Eastern/11 AM Central. Soybean meal was steady to weak and bean oil was lower.

Corn was mixed. Corn was also getting ready for the upcoming USDA numbers and while the numbers could be bullish, traders are tentative. The market’s also watching the early fieldwork delays. Ethanol futures were mixed. The International Grains Council has lowered its 2015 world corn production estimate to 941 million tons, with 2015/16 ending stocks at 171 million tons.

The wheat complex was higher on fund and technical buying. There’s more rain in the forecast for the already wet Eastern Midwest, while the Western Plains should stay dry. Contracts also had at least some commercial support after Thursday’s sharp decline. Algeria bought 450,000 tons of optional origin milling wheat. According to the International Grains Council, 2015/16 world wheat production could be 709 million tons with stocks at 406 million tons.