Soybean futures bounce off of recent lows
Soybeans were modestly higher on commercial and technical buying. Contracts saw a bounce after the recent move to new four month lows. It was an up and down day early and beans may have closed higher, but the finish was in the middle of the day’s range. Beans continue to keep an eye on South America, awaiting the USDA numbers on the 31st. Unknown bought 120,000 tons of 2016/17 U.S. beans and while weekly sales were slow, shipments were bullish. Soybean meal was up and oil was mostly firm, following beans.
Corn was modestly higher on commercial and technical buying. Weekly export numbers for corn were bullish with strong sales and shipments. Domestic demand should stay solid, even if there’s a lot more export competition from South America in the coming weeks. Also supportive to grains and oilseeds was the lower dollar index, which helps U.S. goods be more competitive on the export market. Ethanol futures were higher.
The wheat complex was mostly modestly higher on commercial and technical buying. Algeria bought 120,000 tons of 2016/17 U.S. hard red winter wheat, but the weekly numbers were neutral to bearish. DTN says Algeria also bought 360,000 tons of optional origin milling wheat. May Chicago was the exception, holding steady. Winter wheat growing areas are expected to be generally warm and dry with the crop emerging earlier than normal in many key U.S. growing areas. Japan bought 118,795 tons of U.S. food wheat, along with 27,660 tons from Canada. Egypt purchased 420,000 tons of milling wheat from France, Russia, and Ukraine.
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