Soybeans were mostly lower, with September up on the tight supply and good demand. Development is running at or ahead of average and the crop condition rating improved slightly on the week. The trade expects a record crop this year, keeping the long term fundamentals bearish. Soybean meal was mixed, matching beans, and oil was lower on the generally lower tone in the complex, along with spillover from crude oil.
Corn was higher on technical buying and spillover from wheat. Growing conditions look good and corn development is running ahead of average, with the crop in very good shape. There was no real fresh supportive news, but contracts are starting to see new demand around current price levels. Ethanol futures were lower.
The wheat complex was higher on commercial and technical buying. Minneapolis led the way, with the spring wheat harvest behind average. Also, trade’s also watching weather in Europe and the situation in Ukraine, and expecting some new demand after the recent decline in price. Japan’s tendering for 146,900 tons of wheat from the U.S., Canada, and Australia. The German Farmers Association projects domestic wheat production at 26.2 million tons.