Market News

Corn up on new marketing year high for exports

Soybeans were mixed with old crop down on profit taking and new crop up on technical buying. The trade’s continuing to watch weather in South America with a drier pattern in Argentina after a lot of rain. The weekly export numbers were neutral to a little supportive. Soybean meal was up and bean oil was down on the adjustment of product spreads by commercials.

Corn was higher on commercial and technical buying. Weekly export sales were a new marketing year high at 85.1 million bushels. Forecasts have more planting delaying rain in some key growing areas and corn’s also watching the conditions for Brazil’s second corn crop. Ethanol futures were mostly lower.

The wheat complex was mixed with Chicago up, Kansas City down, and Minneapolis mostly weak. Parts of the Plains have had a lot of rain this week, with more on the way in some areas. The weekly export numbers were bearish with slow sales and shipments, and the overall supply and demand outlook, for now, continues to be a negative.