Market News

Grains, oilseeds continue slide

 

Futures Markets copy

Soybeans were lower on fund and technical selling. There’s a lot of uncertainty about Chinese demand, but China and unknown did buy more new crop U.S. beans. China picked up 110,000 tons and unknown purchased 773,400 tons. The trade’s expecting a big U.S. crop and at least some increase in Brazil’s soybean acreage. Soybean meal was modestly lower and bean oil was steady to weak. Statistics Canada reports canola stocks at the end of July were 2.322 million tons, down 37.6% on the year.

Corn was lower on fund and technical selling. Harvest is getting underway in parts of the Southern Cornbelt and crop development weather looks good in most areas of the Midwest. Once harvest gets rolling on a widespread basis, yields are expected to vary pretty widely. Weekly export numbers were bearish with new crop sales below expectations. Ethanol was mixed.

The wheat complex was lower on fund and technical selling, along with the higher dollar. The weekly export numbers were bearish with slow sales and shipments. The fundamentals are bearish with a large world supply and slow demand. According to Ukraine’s ag ministry, grain exports for the first two months of the marketing year are 5.8 million tons, compared to 4.8 million this time last year. Statistics Canada says all wheat stocks on July 31st were 7.108 million tons, a 32% year to year decrease.

 

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Your email address will not be published.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!