Market News

Corn down on profit taking, but still watching weather

Soybeans were mixed, adjusting old crop/new crop spreads. 10% of this year’s crop is planted, in-line with analysts’ expectations. Some of that will likely have to be replanted and forecasts have more rain in parts of the Midwest ahead of what could be a better planting window. Soybean meal was lower and bean oil was higher on the adjustment of product spreads.

Corn was lower on profit taking and technical selling. Corn’s also watching those weather forecasts and while many areas were able to make planting progress ahead of last week’s rain, some acres have been lost. Brazil’s second crop is developing well and Argentina’s harvest is ongoing. Ethanol futures were lower ahead of the weekly EIA production and stocks data.

The wheat complex was mostly lower with Kansas City up and Chicago and Minneapolis down. The market’s assessing flood and freeze damage to this year’s winter crop and spring planting remains slower than average. A major winter wheat crop tour is underway in the Plains, running through the end of the week. Kansas City was supported by initial reports of damage. Taiwan is tendering for 95,750 tons of U.S. wheat.