Market News

Wheat, corn down on profit taking

 

Futures Markets copy

Soybeans were higher on short covering and technical buying. The trade’s watching harvest activity and getting ready for Friday’s USDA numbers. On average, analysts expect modest reductions in production and domestic ending stocks. Soybean meal was higher and bean oil was lower on the adjustment of product spreads. Soybeans are also keeping an eye on weather in Asian palm growing areas.

Corn was lower on profit taking and technical selling. Corn’s also watching harvest activity and squaring up for the supply, demand, and production estimates. Analysts also expect at least some reduction in corn production and ending stocks. Ethanol futures were lower. The EIA reports that for the week ending October 2nd, ethanol production averaged 950,000 barrels per day, up 7,000 from the previous week.

The wheat complex was lower on profit taking and technical selling. There’s more dry weather in the near term forecasts for the Black Sea region and Australia. Friday, U.S. and world wheat ending stocks are expected to be down slightly. Japan is tendering for 119,100 tons of food wheat from the U.S., Canada, and Australia, along with an open tender for 120,000 tons of feed wheat. Algeria is in the market for 50,000 tons of milling wheat.

 

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