Market News

Corn up on new export sale

Soybeans were lower on commercial and technical selling. Brazil’s harvest is ahead of average and forecasts have only minor near term delays in most areas. New private estimates have a year to year increase for planted acreage with the USDA’s 2017 Prospective Planting report, and Quarterly Stocks, out on the 31st. Soybean meal was lower and bean oil was higher on the adjustment of product spreads. Monthly NOPA soybean crush numbers are out Wednesday.

Corn was higher on short covering and technical buying. Corn’s also watching weather in South America with generally good conditions in many key growing areas. Parts of southern Argentina could reportedly use some precipitation. Mexico bought 120,000 tons of new crop U.S. corn. Ethanol futures were lower ahead of the weekly EIA stocks and production data. The Federal Open Market Committee is meeting this week with a decision expected on interest rates expected this week.

The wheat complex was mixed with Chicago and Kansas City mostly down and Minneapolis mostly up. There are concerns about dry, cold weather and the early emerging winter crop, but those are limited by the supply bearishness. U.S. acreage this year could be close to a hundred year low. Turkey bought 130,000 tons of E.U. milling wheat and South Korea purchased 65,000 tons of optional origin feed wheat. Japan issued a tender for 146,455 tons of food wheat from the U.S. and Canada and Israel is in the market for 50,000 tons of optional origin feed wheat.