Soybeans were sharply lower on commercial and speculative selling, along with spillover from the outside markets. The dollar was higher with the Dow, gold, and crude oil sharply lower, continuing to respond to global economic concerns. Past that – there’s talk of China cancelling soybean purchases and the trade’s watching weather. Soybean meal was mostly lower and bean oil was down, following beans.
Corn was higher on commercial and technical buying. Corn’s keeping an eye on weather but given the faster than normal development, yields in some areas may already be below the early projections. In any event, near term commercial demand is neutral, edging towards bullish. Ethanol was modestly higher.
The wheat complex was lower on commercial and technical selling, along with spillover from the outside markets, especially the dollar. Wheat’s also keeping an eye on weather with some rain expected in dry parts of the Black Sea region and eastern Australia. However, while the pattern for the Northern Plains is favorable, the Southern Plains should remain hot and dry over the near term. Ukraine’s Ag Ministry reports 99% of the spring grain crop is planted as of Monday. According to Dow Jones Newswires, South Korea may buy 550,000 tons of feed wheat for October-December arrival but note price is a bigger factor now than in previous months, with feed grade wheat back at a premium to corn.

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