Corn sees planting pressure, profit taking
Soybeans were mixed with nearbys down on commercial selling and deferreds up trying to buy acreage. Also, ahead of the open, China bought 110,000 tons of new crop U.S. beans, picking up more than a half million tons since last Friday. As of Sunday, 12% of beans are planted, compared to 2% a year ago and 5% for the five year average. Soybean meal was mixed, mirroring beans, and oil was down on technical selling.
Corn was lower on profit taking and the good planting pace. Losses in the nearbys were limited by solid export demand and the firm cash basis levels, along with old crop/new crop spread adjustments. There was no real fresh news and the near term planting conditions look generally good across most of the Midwest. Planting is well ahead of schedule at 53% complete, compared to 12% last year and 27% on average, and emergence is also running ahead of average. Ethanol futures were lower. USDA’s Agricultural Attaché in Bucharest reports Romania is expected to increase planted area for corn after rapeseed losses during this past winter.
The wheat complex was lower on commercial selling, profit taking, and spillover from corn. Winter wheat is in much better than a year ago shape at 64% good to excellent and spring planting is 74% complete. Still, demand shows some signs of improvement with Saudi Arabia buying 110,000 tons of new crop U.S. hard red winter. Also, there are still open wheat tenders from Israel and Taiwan for U.S. wheat.
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