Market News

New export sale supports soybeans

Soybeans were higher on commercial and technical buying. Unknown destinations bought 129,000 tons of U.S. beans, 66,000 tons for this marketing year and 63,000 for next marketing year. China made a very, very similar purchase Thursday. Near term crop weather generally looks good as the crop heads into key development phases. Soybean meal and oil were higher.

Corn was higher on commercial and technical buying, along with the lower dollar. Corn is also watching the weather with the crop in excellent shape and the trade expecting large, if not record, production. Demand’s solid, but that’s outweighed by the supply bearishness. Ethanol futures were mixed.

The wheat complex was mixed with Chicago down and Kansas City and Minneapolis up. The fundamentals are bearish, especially on the supply side, but there’s buying interest at the recent lows. A major spring wheat tour has wrapped up, with the yield estimate below a year ago. Egypt bought 120,000 tons of wheat from Russia.