Market News

Commercial demand supports soybeans

 

Futures Markets copy

Soybeans were steady to firm on commercial buying and spillover from soybean meal. There are labor issues at a couple of key ports in Argentina, delaying loading and shipping in those locations. Gains in the deferred contracts were limited by expectations for a big domestic crop. Still, planting is slower than average in some areas due to widespread rainfall, with more in the forecast. Soybean meal was sharply higher on commercial demand and bean oil was lower on profit taking. According to wire service reports, Argentina has retroactively raised export duties for April on biodiesel to 13.2%.

Corn was lower on fund and speculative selling. Planting and emergence are ahead of average and the crop is in good shape right now. Of course, there have been weather problems and there is a long way to go until this year’s crop is made, much less harvested. Ethanol futures were lower. Canada is inspecting feed corn imported from India for aflatoxin contamination.

The wheat complex was lower on fund and technical selling, along with some higher trade in the dollar. The fundamentals remain bearish because of the ample world supply and slow export demand for U.S. wheat. The recent losses have been despite flooding and wet weather around the U.S. Southern Plains. There’s more rain in the forecast for some areas. Outside of the U.S., the market’s watching weather in the Canadian Prairies, southern Russia and southern Europe. Japan is tendering for 100,300 tons of food wheat from the U.S. and Canada.

 

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