Market News

Soybeans up slightly from recent lows

Soybeans were modestly higher on short covering and technical buying. Contracts saw a bounce off of the recent lows, but remain wary about probable record South American production. Development and harvest conditions in most of South America generally look good. Brazil’s new crop sales remain slower than average as producers hold out for higher prices. Soybean meal and oil followed beans higher. Commodity markets and most USDA offices are closed Friday for Good Friday.

Corn was modestly higher on short covering and technical buying. Domestic demand is solid and corn is also continuing to watch South America. Most weekend forecasts have more scattered rain in the Midwest, delaying early planting and field activity. Ethanol futures were higher on the lower weekly production and stocks numbers. Weekly export sales numbers are out Thursday at 8:30 AM Eastern/7:30 AM Central.

The wheat complex was mixed with Chicago steady to weak, Kansas City up fractionally, and Minneapolis modestly higher. Technically, contracts are oversold, but fundamentally, the supply side of the market is the big bearish factor. U.S. and world crop development weather generally looks good. In sell-buy-sell trade, Japan bought 15,939 tons of feed wheat. Australia’s 2017/18 wheat acreage is expected to hold close to the recent highs.