Market News

May soybeans, corn make new lows

Soybeans were lower on commercial and technical selling, with May hitting a new eight month low. Harvest and development conditions look generally good in most of South America and the trade expects record production. Weekly export numbers were bullish with solid sales and shipments. The Buenos Aires Grain Exchange projects Argentine soybean production at 56.5 million tons. FC Stone projects 2017 U.S. soybean acreage at 87.3 million acres.

Corn was lower on commercial and technical selling with the May contract establishing a new 2017 low. Corn’s also watching conditions in South America, expecting record production. Export demand is solid for now, with weekly old crop sales at 53 million bushels, and export demand should stay strong. Ethanol futures were mixed. FC Stone expects 2017 U.S. corn planted area to be 91.6 million acres.

The wheat complex was mostly lower. Chicago and Kansas City were down with most forecasts showing rain in dry parts of the Plains and Midwest. Weekly export numbers were neutral to bearish, remaining slower than USDA expectations, and the supply side is the big negative. Minneapolis saw a modest oversold bounce. Japan bought 57,100 tons of U.S. food wheat, along with 35,729 tons from Canada and 24,860 tons from Australia. Jordan purchased 50,000 tons of optional origin milling wheat.

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