Market News

Profit taking pressures soybeans, corn

Soybeans were lower on profit taking and technical selling. Many near and medium term weather forecasts generally look good for harvest activity. The USDA’s weekly crop progress report is out Monday at 4 PM Eastern/3 PM Central. The trade’s also watching planting conditions in Argentina and Brazil. Soybean meal was lower and bean oil was higher on the unwinding of product spreads from earlier in the week.

Corn was lower on profit taking and technical selling. Corn’s also watching harvest conditions and planting activity in South America. Conditions in many of South America’s key growing areas look good, but there is a long way to go. The USDA’s next set of supply, demand, and production numbers is out Wednesday, November 9th. Ethanol futures were mostly higher.

The wheat complex was lower on profit taking and technical selling. The supply side of the market is bearish, but there’s buying interest at these prices, limiting losses or providing outright support, depending on the day. Parts of the southeastern and southwestern winter growing areas need precipitation as the crop emerges. Bangladesh is tendering for 50,000 tons of optional origin milling wheat.