Market News

New export sale supports corn

Soybeans were lower on profit taking and technical selling. Near term weather forecasts for South America are generally good for development. The Buenos Aires Grain Exchange lowered its planted acreage estimate slightly, cutting recent rainfall. Weekly export numbers were bullish with solid sales and shipments. The margin for March through August contracts was lowered from $2,400 to $2,100. Farm Futures projects U.S. soybean acreage at 90.52 million acres, which, if realized, would be more than corn for the first time since 1983. Soybean meal was higher and bean oil was lower on the adjustment of product spreads.

Corn was higher on commercial and technical buying. Weekly export sales were bullish and unknown bought 126,312 tons of 2016/17 U.S. corn. That was the third sale to unknown of the week. Weekly ethanol production notched a new record high for the third week in a row. Ethanol futures were higher. Farm Futures expects U.S. corn acreage this year to be 90.49 million acres.

The wheat complex was mixed. Chicago was up and Kansas City was firm short covering and Minneapolis was down on profit taking. Recent cold conditions in parts of Europe have damaged some of the wheat crop. South Korea bought 100,000 tons of U.S. wheat, along with 87,500 tons from Australia, and Taiwan purchased 93,600 tons of U.S. milling wheat.

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