Market News

Soybeans get a slight bounce

Futures Markets copy

Soybeans were higher on commercial and technical buying, closing near the middle of the day’s range. Contracts saw a bounce after Monday’s losses and demand continues to be solid. That said – the crop is in good shape and development, nationally, is faster than average. Soybean meal and oil were up on an oversold bounce and spillover from beans.

Corn was lower on speculative and technical selling. 76% of corn is in good to excellent condition and development’s ahead of normal. Crop weather looks non-threatening and the trade expects a big crop. Most of the Cornbelt is expected to receive rainfall over the next few days, with the notable exception of Michigan. Ethanol futures were lower.

The wheat complex was lower on speculative and technical selling. The spring wheat condition rating dipped a bit over the past week, but the crop is still in good shape overall. The fundamental outlook is bearish, especially on the supply side, cancelling out some of the better than expected export demand wheat’s seen early this marketing year. There have been recent lower private production estimates from France, but it’s not much of a threat to the global supply.

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