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Soybeans down, corn up, watching South America, waiting for USDA numbers

Soybeans were modestly lower on commercial and technical selling. The trade’s focused on harvest and transportation in South America and waiting for Friday’s USDA numbers. Demand should be strong by pretty much any metric and acreage is expected to be up on the year, probably a new record high. Soybean meal was mixed, consolidating, and bean oil was lower on profit taking. Allendale says U.S. soybeans out of the Gulf are now $10 above Brazil and U.S. soybean meal is $10 to $14 higher than Argentina.

Corn was fractionally higher on short covering and technical buying. Corn’s also watching South America and getting ready for the USDA numbers, expecting record demand and a decrease in U.S. acreage. The prospective planting and quarterly stocks reports are out Friday at Noon Eastern/ 11 AM Central. Nearby ethanol futures were higher. Ethanol production last week topped a million barrels a week for the 22nd week in a row.

The wheat complex was mixed with Chicago firm, Kansas City narrowly changed, and Minneapolis modestly higher. The supply side of the market remains bearish, there’s more rain in the U.S. Plains, and global conditions generally look good.  Minneapolis did see limited commercial support. U.S. wheat acreage could be close to a hundred year low Friday. DTN says Algeria bought “at least” 200,000 tons of durum, “likely” from the U.S. or Canada, and the Philippines purchased 45,000 tons of feed wheat “thought to be E.U. or Black Sea” origin.

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