Market News

Soybeans, corn move to multi-week lows

Soybeans were modestly lower on commercial and technical selling, with May hitting a new eight week low. Beans continued to digest Thursday’s USDA supply and demand numbers, specifically the South American adjustments. The market’s anticipating more export competition against good domestic demand. Soybean meal was higher and bean oil was lower, adjusting product spreads.

Corn was modestly lower on commercial and technical selling. May corn also hit a new eight week low, also digesting those new supply and demand estimates, with an eye towards the prospective planting and quarterly stocks reports on the 31st. U.S. corn remains at a big discount to Brazil, holding onto the competitive advantage, for now. Ethanol futures were higher.

The wheat complex was mostly modestly lower on commercial and technical selling. The winter crop has emerged earlier than normal in many areas and there are concerns about damage. The overall fundamentals remain bearish, especially the supply side of the market, so it’s hard for wheat to get any kind of traction. USDA Thursday did raise the global ending stocks estimates and increased production outlooks for Argentina and Australia. March Minneapolis was the exception, up modestly in quiet trade.

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