Market News

Soybeans, corn up ahead of USDA numbers

Soybeans were higher on commercial and technical buying. Planting is a little slower than average, but it is still relatively early in the season. Some near term forecasts do have a generally cooler, wetter pattern in parts of the Midwest, which is more of an issue for corn than soybeans, at least for now. Soybean meal was higher and bean oil was lower on the adjustment of product spreads. USDA’s new supply and demand estimates are out Wednesday and are expected to show tighter old crop supplies.

Corn was modestly higher on commercial and technical buying. Corn’s also watching the weather, expecting at least some delay in planting in parts of the region. The USDA’s new supply and demand estimates are out Wednesday at Noon Eastern/11 AM Central, including new crop supply and demand estimates, based on the March 31st USDA acreage numbers. Ethanol futures were lower ahead of the weekly EIA numbers, also out Wednesday.

The wheat complex was lower on commercial and technical selling. Half of the U.S. winter crop is rated good to excellent, surprisingly high given some of the recent weather issues. The USDA’s winter wheat production estimate tomorrow won’t reflect any recent damage and the supply and demand numbers should just reflect the bearish fundamental outlook. Spring planting and emergence are both slower than normal. Lightly traded May Chicago was firm. Taiwan bought 95,750 tons of U.S. milling wheat. Japan is tendering for 138,188 tons of food wheat from the U.S., Canada, and Australia.