Market News

Soybeans, corn up ahead of Easter weekend

Futures Markets copy

Soybeans were higher on commercial and technical buying. The trade’s watching the political problems and ship loading delays in Brazil, along with the concerns about palm oil production in Indonesia and Malaysia. The weekly export numbers were neutral to bearish with a slow week for physical shipments. Soybean meal was up and bean oil was down on the adjustment of product spreads. Meal had additional support from the new marketing year high for export sales. Commodity markets are closed Friday for Good Friday.

Corn was higher on commercial and technical buying. Corn’s watching U.S. weather ahead of widespread planting and the USDA’s March 31st reports. Ahead of the prospective planting numbers, most analysts expect a year to year increase in U.S. acreage and the quarterly stocks report is expected to show a rise in supplies. Taiwan bought 260,000 tons of 2015/16 U.S. corn, but the weekly export numbers were bearish. Ethanol futures were higher.

The wheat complex was mixed, with Chicago nearly unchanged, Kansas City weak, and Minneapolis firm. Weekly export numbers were neutral and the fundamentals are bearish, but wheat is considered to be a good value. The trade’s watching for any news about wildfire or freeze damage in the U.S. Plains, and keeping an eye on development issues in the Black Sea region. Japan bought 33,900 tons of U.S. wheat, along with 65,500 tons from Australia and 26,800 tons from Canada.

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