Market News

Corn, soybeans, wheat close near day’s lows

Soybeans were lower on commercial and technical selling, closing near the day’s lows. Beans are watching the generally favorable South American harvest and development conditions. Weekly export numbers were bullish with solid sales and shipments. Soybean meal and oil were lower on spillover from beans and the fundamental implications of record South American production.

Corn was lower on commercial and technical selling, also settling at session lows. Corn’s also watching development and harvest conditions in South America. Weekly export sales were at the high end of estimates with good shipments. Ethanol futures were lower. Ethanol production declined last week, but processing margins have narrowed and stocks are near one year highs.

The wheat complex was lower on profit taking and technical selling, with contracts finishing the day right around the lows. Forecasts have more warm weather in the Plains and Midwest, potentially pulling the crop out of dormancy weeks ahead of normal. Weekly export numbers were neutral to bearish with good sales and slow shipments. Japan bought 88,288 tons of food wheat from the U.S. and 24,960 tons from Canada. Libya issued tenders for 100,000 tons of milling wheat and 50,000 tons of durum.