Market News

Soybeans, corn unable to hold gains

Soybeans were lower on fund and technical selling. Beans made an attempt at a rally, which evaporated late in the session. U.S. planting and emergence are ahead of average and there could be an increase in acreage. However, there are a lot of unknowns and a long way to go this year. Unknown destinations bought 140,000 tons of new crop U.S. beans after buying 140,000 tons of old crop Monday. Soybean meal was mostly lower on commercial spread activity. Bean oil was down on the comparative lack of buying interest.

Corn was mixed, mostly weak, unable to follow through at the day’s highs. July spent a big chunk of the day above $4, but couldn’t hold near the close. Corn’s watching the weather, with planting delays probable in many areas over the next several days. There’s continued chatter about a switch to soybeans in some areas, but nothing significant has been confirmed. Corn planting and development are behind last year, but ahead of average. Ethanol futures were higher.

The wheat complex was mixed with Chicago up, Kansas City steady to weak, and Minneapolis down modestly. Rainfall will be welcome in some areas, but there are concerns about the potential for damage in parts of the Plains. 62% of the winter crop and 76% of spring wheat are in good to excellent condition. The fundamentals remain bearish and aside from issues with the North China Plains, world growing conditions look good. Japan is tendering for 125,000 tons of food wheat from the U.S., Australia, and Canada.