Market News

Solid demand supports soybeans

Soybeans were higher on commercial and technical buying. Thursday’s USDA numbers were neutral to bullish with solid near term demand expectations. South American production is looming, but there’s still a ways to go. Unknown destinations bought 132,000 tons of 2016/17 U.S. beans. Soybean meal was higher and bean oil was lower on the adjustment of product spreads.

Corn was firm on spillover from beans, bouncing back from the day’s weakness late, similar to Thursday. The USDA supply, demand, and production numbers were nominally bearish with a big supply against good demand. Corn’s watching conditions in South America with rain expected in parts of Brazil. Allendale reports more late planting delays in Argentina. Ethanol futures were higher.

The wheat complex was mostly higher on commercial and technical buying. The world supply is a big negative, but it looks like wheat may have found something close to equilibrium, at least for the time being. Winter wheat planting and spring wheat production numbers were down on the year. Still, it’d take an international issue to really shift the market’s fundamentals. March Chicago was the exception, finishing a quarter cent lower. The USDA’s Commodity Credit Corporation bought 30,000 tons of white wheat for Yemen.

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