Market News

Soybeans mixed on solid demand, good weather

 

Soybeans were mixed on commercial buying and speculative selling. Nearby months were supported by the continued solid domestic and export demand. Near term crop weather looks generally non-threatening for much of the Midwest, pressuring deferred contracts. The trade’s also waiting for the USDA numbers out on August 12th. Soybean meal was higher and bean oil was lower on the adjustment of product spreads.

Corn was lower on fund and speculative selling. Corn’s also watching the weather with seasonal temperatures and scattered showers expected in many areas. The good feed and ethanol demand did limit losses. The Energy Information Administration reports ethanol production last week was 965,000 barrels per day, compared to 973,000 the week before. Ethanol futures were higher.

The wheat complex was lower on fund and speculative selling. The winter wheat harvest is advancing and the spring wheat crop is in good shape overall. Some areas of the Canadian Prairies and Northwestern U.S. Plains do remain locked in drought, but that’s being offset by better conditions in other growing areas. The fundamentals are bearish with a large supply and slow export demand.