Market News

Grains, oilseeds mostly lower in pre-holiday trade

Soybeans were steady to modestly lower. Seasonally, soybeans tend to move in a sideways pattern around the holidays. The market is continuing to assess the impact of the recent election in Argentina. The export tax will go down and planted acreage will likely increase, the question on both is by how much. Soybean meal was lower and bean oil was higher on the adjustment of product spreads.

Corn was lower on fund and technical selling. Corn is expected to stay in its sideways pattern with fairly light trade ahead of Thanksgiving. That could continue Friday, with commodities closing at Noon Central. Export demand has been slow, but domestic feed and ethanol demand has been good. Ethanol futures were higher.

The wheat complex was lower on fund and technical selling. The fundamentals remain bearish with a large world supply and slow export demand for U.S. wheat. The U.S. winter crop is heading towards dormancy in pretty good condition. Dry parts of the Black Sea region have received some rainfall, but could use more.