Soybeans were modestly lower on fund and technical selling. Crop conditions in South America look good, with mostly clear weather in Brazil and rain in the forecast for Argentina. South America is on pace for a bumper crop this year and Brazilian supplies are reportedly much cheaper than U.S. beans. Markets are closed Monday for Presidents’ Day. Soybean meal was lower and oil was higher on the adjustment of product spreads.
Corn was modestly lower on fund and technical selling. Corn’s also watching conditions in South America, especially the forecasted rain in Argentina. Most production estimates have increased and could go up further of the rainfall materializes as expected. Losses were limited by solid domestic commercial demand. Ethanol futures were mixed.
The wheat complex was mixed, with Chicago and Minneapolis down and Kansas City steady to fractionally higher. The fundamentals are bearish, with a large world supply and slow export demand for U.S. wheat. Domestic demand is good, limiting losses or providing support. Egypt issued a tender for an unspecified amount of milling wheat. Russia’s wheat export duty could be eliminated, according to wire reports.