Market News

Soybeans, corn down on possible weather improvement

Soybeans were lower on profit taking and technical selling. Forecasts over the next week look mixed, with most of the rain in the eastern Midwest, including parts of Ohio which are already too wet. Temperatures could moderate somewhat after another round of high heat. New crop exports are slower than normal because of record South American production. Soybean meal and oil were lower, following beans. Argentina’s Ag Ministry lowered its 2016/17 soybean production estimate to 55 million tons because of an increase in corn acreage.

Corn was lower on profit taking and technical selling. Corn was also watching the weather, expecting more high temperatures this weekend along with scattered rainfall, ahead of a possibly more moderate pattern. Monday, the USDA is expected to report another week to week decline in the national condition rating, with the spotlight on some key Midwestern growing areas. USDA’s first field based production survey of the year is out in August, along with prevent plant numbers. Ethanol futures were lower.

The wheat complex was lower on profit taking and technical selling. Minneapolis was down, with parts of South Dakota expected to receive at least some precipitation. Still, the outlooks are scattered and would not be enough to break drought conditions from the northern U.S. Plains into the Canadian Prairies. Chicago and Kansas City were lower, watching the tail end of the winter harvest. Iraq is tendering for 50,000 tons of milling wheat from the U.S., Canada, and Australia, and Jordan is in the market for 100,000 tons of optional origin milling wheat.