Soybeans were higher on commercial and technical buying. The near term supply remains very tight and there’s talk ending stocks could be below 150 million bushels Monday. The trade’s also watching weather around South America and USDA’s updated production estimates will be a spotlight feature. Soybean meal was higher and soybean oil was lower on the adjustment of product spreads. According to Safras & Mercado, 52% of Brazil’s soybean crop is harvested, compared to 48% this time last year.
Corn was lower on profit taking. Corn’s watching the export situation in Ukraine and expecting at least some increase in demand. Still, there’s a lot of corn available and contracts hit new highs for the move this past week, so they were due for a correction. Ethanol futures were lower. Ukraine’s Ag Ministry reports that even with the political unrest, grain exports for February were 2.3 million tons, 2 million of that corn, a new monthly record.
The wheat complex hit three month highs on commercial and speculative buying. Wheat’s also watching Ukraine and the potential for an increase in export demand. Additionally, the trade’s keeping an eye on winter wheat conditions as the crop comes out of dormancy, with a particular emphasis on moisture levels around the Plains states. Japan issued a sell-buy-sell tender for 120,000 tons of feed wheat.