Market News

Corn, wheat post modest gains

 

Soybeans were lower on fund and technical selling, in addition to spillover from the outside markets. Crop weather looks generally favorable and the trade is expecting a big U.S. soybean crop this year. Demand continues to be solid, but the trade’s more focused on the late crop development conditions at this time. Soybean meal and oil were lower, following the lead of beans.

Corn was higher on short covering and technical buying. Corn’s also watching the weather and is expected to stay in a sideways trading range ahead of the USDA numbers on the 11th. Still, the USDA doesn’t typically make many major adjustments in the September report. The outside markets were bearish following a disappointing U.S. jobs report, which limited gains. Ethanol futures were mixed.

The wheat complex is higher on short covering and technical buying, along with the weak dollar. There are some minor spring wheat harvest delays expected with rain in the Dakotas and Canadian Prairies. The fundamentals are bearish with a large world supply and slow export demand, limiting buying interest. Egypt bought 170,000 tons of wheat from Russia and South Korea picked up 80,100 tons from Australia. Ukraine’s AgroConsult pegs 2015 wheat production at 24.2 million tons, above earlier estimates thanks to better yields.