Market News

Weather pressures corn, wheat

 

Soybeans were mixed on commercial activity. Demand remains strong, with unknown buying 158,000 tons of old crop U.S. beans, but the supply is only getting larger as South America’s harvest moves on. The trade’s also keeping any eye on movement disruptions in Brazil. According to the USDA, as of Sunday, 2% of U.S. soybeans are planted, compared to 4% on average. Soybean meal and oil were mixed, following the lead of beans.

Corn was lower on fund and speculative selling. Forecasts are showing mostly dry conditions over the next five days, helping wet areas of the southeastern Cornbelt make up for the early delays. The USDA reports 19% of this year’s corn crop is planted, compared to 25% on average, and 2% has emerged, compared to 6% on average. Ethanol futures were mixed.

The wheat complex was lower on fund and speculative selling. There’s been more rain in the Plains, stretching from Oklahoma to North Dakota. Also, soft red winter growing areas are expected to see warmer, drier conditions. For winter wheat, 28% has headed, compared to 24% on average, and 42% of the crop is in good to excellent condition, unchanged on the week. For spring wheat, 55% is planted, compared to 29% on average, and 9% has emerged, matching the five year average.