Market News

Corn down, watching weather

Soybeans were mostly higher on commercial and technical buying. The most active contracts saw a bounce Wednesday’s move to new two month lows. Near term forecasts are generally hot, but outlooks for next week are less threatening. Weekly export numbers were a little bearish. Soybean meal was mixed, consolidating, and bean oil was up on short covering.

Corn was lower on speculative and technical selling. Corn’s also watching the weather, expecting minimal heat stress ahead of cooler conditions next week. Longer term outlooks for August have high heat balanced with above normal rainfall, at least in the Western Cornbelt. The trade’s expecting a big crop and the weekly export numbers were bearish. Ethanol futures were lower.

The wheat complex was mostly higher on commercial and technical buying, along with the mostly lower dollar. The fundamentals are bearish, especially on the global supply side, but wheat’s still able to generate interest near the recent lows. The weekly export numbers were neutral. The spring wheat crop could use precipitation and there is some in the forecast, but it’s expected to be scattered.