Market News

Soybeans hold gains

Soybeans were higher on short covering and technical buying, seeing an oversold bounce. Weekly export sales were a little larger than expected with China the big buyer. Unknown destinations did cancel a lot of beans, though, and South American crop conditions look good. Conditions in Brazil are conducive to early harvest activity and there’s rain in the forecast for parts of Argentina. Soybean meal and oil were higher, following beans.

Corn was steady to modestly lower. Weekly export numbers were bearish with lower than expected sales and a slow week for shipments. Corn’s also watching crop development conditions in Argentina and Brazil. Ethanol futures were lower. Unknown destinations bought 152,400 tons of 2015/16 U.S. corn.

The wheat complex was mixed. Weekly export sales were at the high end of estimates, while shipments continue to be slow. The fundamentals are bearish, but wheat is considered to be a good value. France’s AgriMer lower its 2016 soft winter wheat acreage estimate.