Market News

Moderate forecasts weigh on soybeans, corn

Soybeans turned lower just ahead of Monday’s market close, pressured by moderate weather forecasts.  There are a lot of soybeans exported from South America now, with Argentina having just finished its harvest.  Soybeans had traded higher much of the session from good demand, but the potential for greater-than-expected soybean acreage is still weighing on the market.

Corn was lower with traders focusing on recent scattered rain and forecasts for more of it and moderate temperatures in key growing states.  Demand for corn is good, and even though last week’s export inspections were bullish, it wasn’t enough to overcome favorable weather.

Wheat finished the Monday trading session mixed after being higher for much of the marketing day.  Light protein content is an issue in some wheat, making the difference between milling quality and feed quality.  There are weather concerns in Western Europe.