Market News

Grains, oilseeds up on dollar, planting delays

Soybeans were higher on commercial and technical buying, along with the lower dollar and higher crude oil. 3% of U.S. beans are planted, a little ahead of normal, and while some delays are expected, it is early. The market’s also watching harvest activity in South America, expecting improved conditions in Argentina. Soybean meal and oil were higher on commercial demand.

Corn was higher on commercial and technical buying, in addition to the outside market influence. 30% of corn is planted and 5% has emerged, with expected delays and possible replanting in many key growing areas because of severe storms. Forecasts for much of central Brazil have more hot and dry weather stressing their second corn crop. Ethanol futures were higher.

The wheat complex was higher on commercial and technical buying, along with the lower dollar. 59% of winter wheat is rated good to excellent and spring wheat planting is ahead of average. Aside from probable heavy rain in parts of the Plains. U.S. and world crop conditions generally look non-threatening. The fundamentals may be bearish, but wheat’s seen as a good value. South Korea is tendering for 35,000 tons of wheat from Australia and 24,000 tons from the U.S.