Market News

Minneapolis wheat supported by spring crop conditions

Soybeans were modestly higher on commercial and technical buying. The USDA’s national condition rating declined slightly over the past week, but overall, the U.S. crop is in good shape. Demand continues to be strong with new acreage and quarterly stocks numbers out Friday. Soybean meal was weak and bean oil was higher on the adjustment of product spreads.

Corn was fractionally higher on commercial and technical buying. The U.S. corn condition rating held and while near term weather conditions look good, the longer term outlooks are a little more uncertain. Corn’s also getting ready for the USDA numbers out Friday. Ethanol futures were mostly firm ahead of Wednesday’s weekly ethanol production and stocks report.

The wheat complex was higher on speculative and technical buying, along with the dollar moving to new multi-month lows. Minneapolis was in the lead after another drop in the spring crop condition rating, with more dry weather expected in the northern Plains. The winter wheat harvest is a little bit ahead of average. Statistics Canada is scheduled to release new acreage survey results Thursday, with wheat planting expected to be below April’s estimate.

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