Market News

Soybeans, corn, wheat down ahead of USDA numbers

Soybeans were modestly lower on commercial and technical buying. Crop conditions in South America generally look good with Brazil’s harvest about halfway complete. Weekly export sales are out Thursday at 8:30 AM Eastern/7:30 Central and the USDA’s new supply and demand estimates are out at Noon Eastern/11 AM Central. CONAB will be issuing new numbers for Brazil as well. The Philippines bought 122,000 tons of 2016/17 U.S. bean meal. The USDA’s attaché in South Korea says the nation’s soybean consumption in 2017/18 should hold about steady at 1.39 million tons.

Corn was modestly lower on commercial and technical selling. Corn’s also watching South America, while getting ready for Thursday’s USDA supply and demand update. Midwestern conditions ahead of planting are also being watched closely with the USDA’s Prospective Planting report out on the 31st. Ethanol futures were lower.

The wheat complex was modestly lower on commercial and technical selling. Wildfires are hitting parts of the Plains and forecasts for rain in the region are mixed. That’s likely going to have at least some impact on the early emerged winter crop, but the supply side of the market remains the big negative. Conditions in soft red winter growing areas are generally much better. Jordan bought 50,000 tons of optional origin milling wheat. The USDA’s attaché in India projects 2017/18 wheat production at 95 million tons. The attaché in Moscow says Russia’s Center for Grain Quality Assessment reported wheat production at a record 73 million tons, with 71% of the crop rated food quality.