Market News

Soybeans, corn extend recent losses

Soybeans were lower on commercial and technical selling. Contracts followed through and extended Thursday’s move to multi-month lows. Conditions in South America are generally good overall and the trade expects record production. That should lead to a lot more export competition, but domestic demand should stay strong. Soybean meal and oil followed beans lower.

Corn was lower on commercial and technical selling. Corn was also watching South America and expecting record production. Corn’s also expecting increased export competition against solid domestic demand. The USDA’s quarterly stocks and prospective planting numbers are out on the 31st at Noon Eastern/11 AM Central. Ethanol futures were higher.

The wheat complex was mixed with Chicago up and Kansas City mostly firm on an oversold bounce and Minneapolis down on profit taking. The trade has concerns about dry weather in the southern Plains, but the region has received some precipitation recently and in any event, the supply side of the market remains bearish. U.S. wheat acreage is expected to be near a 100 year low, because of the negative fundamentals. The USDA’s weekly crop progress reports resume in April. Taiwan bought 98,200 tons of U.S. milling wheat.