Market News

Strong session for grains and oilseeds

 

Futures Markets copy

Soybeans were higher on commercial and speculative buying. Contracts hit new seven month highs, supported by the USDA numbers and end of the month demand. Acreage is seen at a record 85.1 million acres, but USDA is resurveying producers in Arkansas, Kansas, and Missouri due planting delays. Quarterly stocks were larger than last year, but below the average estimate and did indicate good demand. Soybean meal and oil were higher, following the lead of beans.

Corn was higher on commercial and speculative buying. Between the USDA numbers and end of the month demand, December corn closed at a new high for the year. USDA has corn acreage at 88.9 million acres, down from the March projection. Quarterly corn stocks were above a year ago, but a little lower than expected. Also, the indicated disappearance for March through May was above last year’s level. Ethanol futures were higher.

The wheat complex was higher on commercial and speculative buying. September Chicago wheat hit a new 2015 high, with additional support from end of the month buying interest. The USDA is projecting a 4% year to year decline in winter wheat acreage, against a 4% increase for spring wheat. Quarterly stocks were larger than expected. Statistics Canada has all wheat acreage at 24.1 million acres, a little less than expected and down 1% on the year.

 

Add Comment

Your email address will not be published.


 

Stay Up to Date

Subscribe for our newsletter today and receive relevant news straight to your inbox!