Market News

Soybeans, corn finish short week on a positive note

Soybeans were higher on commercial and technical buying. Contracts followed through on Wednesday’s gains with harvest delays in parts of Argentina after heavy rainfall. Most of Brazil continues to look comparatively good. Weekly export numbers were bullish. Sales were within expectations, with another strong week for shipments. Soybean meal was sharply higher and soybean oil was modestly lower on commercial spread adjustments.

Corn was higher on commercial and technical buying. Corn’s also watching conditions in South America, along with U.S. planting weather, expecting at least some rain delays in parts of the Midwest. Grains and oilseeds managed to hold on to the day’s gains, unlike the Dow Jones Industrial Average which sold off sharply following a U.S. airstrike in Afghanistan. Weekly export numbers were neutral with good sales against slowing shipments. Still, this year’s pace is ahead of last year and is expected to meet USDA projections. Ethanol futures were lower.

The wheat complex was mostly lower with Chicago and Kansas City weak on profit taking and Minneapolis firm on commercial buying. Weekly export numbers were neutral with decent sales and another round of low physical shipments. Forecasts have more rain in dry parts of the Southern Plains. Japan bought 68,095 tons of U.S. feed wheat, along with 34,120 tons from Australia and 24,190 tons from Canada.