Soybeans see small bounce off recent lows
Soybeans were higher on commercial and technical buying. Contracts saw a bounce off the recent lows, but still expect record South American production and record U.S. acreage, limiting gains. Continued corn planting delays could mean even more bean acres this year. Soybean meal was lower and bean oil was higher on the adjustment of product spreads. Weekly export sales numbers are out Thursday at 8:30 AM Eastern/7:30 AM Central.
Corn was narrowly mixed, with just fractional changes or steady finishes in most months. Forecasts have rain in parts of the Midwest over the next few days ahead of a possible good planting window next week. Still, that could be followed by another rain event. Brazil is expected to get some rain as well, while Argentina should be drier, which would be beneficial for both nation’s crops. Nearby ethanol futures were mixed, mostly weak following the weekly EIA numbers.
The wheat complex was lower on commercial and technical selling, along with the higher dollar, and in Minneapolis, profit taking. The fundamentals are bearish and there’s more rain expected in the U.S. Plains, aiding winter crops and delaying spring planting. U.S. and world crop conditions generally look good, but there are concerns about dry weather in parts of Europe. Japan is tendering for 95,555 tons of food wheat from the U.S. and Canada.
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