Market News

Forecasts for rain in Argentina pressure corn, soybeans

Soybeans were lower on fund and technical selling. South American crop conditions generally look good, with rain in the near term forecast for Argentina. USDA’s attaché in Argentina currently has production at 58.5 million tons. USDA’s next set of supply and demand numbers is out Tuesday. Soybean meal was lower, following beans, and bean oil was mostly lower on profit taking and consolidation.

Corn was lower on fund and technical selling. Corn’s also watching weather in South America and getting ready for next week’s new supply and demand projections. Domestic ending stocks are expected to be up slightly, while the international number could be up slightly. The market will also be watching any adjustments for South America very closely. Ethanol futures were higher.

The wheat complex was lower on fund and technical selling. The fundamentals are bearish, with a large world supply and slow export demand for U.S. wheat. The trade’s watching weather in the U.S. and the Black Sea region. Still, any damage to U.S., Ukrainian, or Russian winter wheat will remain largely unknown until spring. Egypt announced a tender for an unknown amount of wheat from France.