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More moderate weather outlooks send corn, soybeans lower

Soybeans were lower on profit taking and technical selling. Near term weather forecasts continue to look mixed, better in some areas than others, but generally more moderate. The USDA’s national condition rating declined over the past week to the lowest level for this time of year in about a decade. The USDA’s first field based production estimate of the season, prevent plant numbers, and new supply and demand projections are all out August 10th. Soybean meal and oil followed beans lower. China’s General Administration of Customs says June soybean imports were 7.687 million tons, mostly from Brazil.

Corn was lower on profit taking and technical selling. Corn was also watching the weather, expecting more favorable conditions in the eastern and central Midwest. The U.S. condition rating was down over the past week, pretty close to what analysts were expecting, and development is slower than usual, but the trade is anticipating a boost from that less threatening near term weather pattern. Ethanol futures were lower ahead of the weekly EIA stocks and production report.

The wheat complex was lower on profit taking and technical selling, with Minneapolis leading the way. The spring wheat crop is generally in miserable shape, but not able to generate a lot of traction because of the global fundamentals. A major spring wheat crop tour is getting underway in the near future. The trade’s also watching the tail end of this year’s winter harvest, especially protein content results. Egypt is tendering for an unspecified amount of milling wheat. Russia’s Ag Ministry says the running total for this year’s grain harvest is 26.7 million tons, less than this time last year, and SovEcon projects August grain exports at 4.0 million to 4.3 million tons, which would be a new all-time high for the month.

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