Market News

Nearby soybeans finish firm

Futures Markets copy

Soybeans were mixed with old crop steady to firm on commercial buying and new crop down on profit taking. Beans consolidated, watching marketing activity in Brazil and harvest activity in Argentina. DTN says 60% of Brazil’s soybean crop has been marketed, ahead of last year’s pace. Unknown bought 393,000 tons of U.S. beans with 350,000 tons for this marketing year and 43,000 tons for next marketing year. Soybean meal was up and bean oil was down on the adjustment of product spreads.

Corn was lower on profit taking and technical selling. Corn had a correction, while keeping an eye on the condition of Brazil’s second corn crop. U.S. planting delays this week are expected to be minor. Ethanol futures were lower. The EIA says ethanol production for the week ending April 22nd averaged 927,000 barrels per day, down 12,000 on the week. Ethanol stocks came out at 21.629 million barrels, compared to 22.046 million the week before.

The wheat complex was lower on profit taking and technical selling. There was excessive rainfall in some U.S. wheat growing areas, but overall, domestic and world conditions look good. The fundamentals are bearish with a large supply and slow export demand. Iraq is tendering for 50,000 tons of optional origin wheat. Friday is the first notice day for May grain and oilseed contracts.

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