Market News

Soybeans, corn down on South American supplies

Soybeans were lower on commercial and technical selling. Brazil’s probable record crop is nearly 20% harvested, so there’s plenty of export competition on the horizon. Mexico bought 142,500 tons of old crop U.S. beans. Soybean meal was lower, following beans, and oil was mixed in spread trade. Monthly NOPA member crush numbers are out Wednesday, the average estimate is 159.141 million bushels. The USDA’s attaché in Argentina left their soybean production estimate at 55 million tons.

Corn was lower on commercial and technical selling. Corn’s also watching South America with about a third of Brazil’s second corn crop planted. Japan picked up 229,000 tons of new crop U.S. corn. Ethanol futures were lower. Weekly EIA ethanol production and stocks numbers are out Wednesday. Corn’s watching pre-planting weather closely ahead of the USDA’s prospective planting report at the end of March.

The wheat complex was lower on profit taking and technical selling. The supply side of the market is bearish and wheat is seeing a correction after Monday’s gains. There are limited concerns about potential winterkill in the Plains and Midwest. According to Allendale, Egypt’s Ag Ministry sees domestic wheat production rising from 8 million to 10 million tons over the next few years.