Market News

Grains, oilseeds bounce back

 

Futures Markets copy

Soybeans were higher on fund and commercial buying. Contracts saw a bounce after the hard drop on Monday, taking back about a third of the decline. There’s been some talk of new Chinese export demand, but nothing’s surfaced yet. Near term crop weather looks non-threatening around the Midwest and, nationally, the crop is in good shape right now. Soybean meal and oil were higher, following beans.

Corn was higher on short covering and technical buying. Still, it was an up and down day and the gains were a pretty small percentage of Monday’s losses. The U.S. corn condition rating improved slightly over the past week and development, around the country, is close to average. Ethanol futures were higher. According to DTN, China’s attempt to liquidate state corn reserves is going slower than expected, as domestic corn is higher priced than imported corn. China did buy 120,000 tons of U.S. sorghum, half for delivery this marketing year and half for next marketing year.

The wheat complex was higher on short covering and technical buying. Wheat’s oversold, but the fundamentals remain bearish. There’s a large available global supply and export demand for U.S. wheat continues to be slow, with prices at a premium to other origins. The winter wheat harvest advanced well over the past week and the spring wheat harvest is just underway.

 

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Your email address will not be published.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!