Market News

Wheat, corn, soybeans see profit taking

Soybeans were lower on profit taking and technical selling. Forecasts had more near term rain in the Eastern Midwest and more flooding concerns, but with at least some improvement in planting conditions after that. Weekly export numbers were neutral to bullish. Soybean meal and oil followed beans lower. According to Allendale, 95% of Brazil’s soybean harvest is complete.

Corn was lower on profit taking and technical selling. Corn was also watching the weather and while some acres have been lost, some areas should see better planting weather soon. Weekly export numbers were bullish. Big losses in non-ag commodities in the outside markets had at least some impact on ag commodities as well. Ethanol futures were lower. Allendale reports 90% of Brazil’s first corn crop is harvested.

The wheat complex was lower on profit taking and technical selling. The crop tour in Kansas has shown better than expected yields, but fields in western Kansas were skipped because of snow with the potential for broken stems. Export shipments were bearish with less than a month left in the marketing year. DTN says Tunisia bought 75,000 tons of durum and Israel purchased 30,000 tons of feed wheat, both from “unknown origins”. The USDA’s attaché in Kazakhstan estimates 2017/18 wheat production at 13 million tons, down 2 million from 2016/17 because of lower planted acreage. Exports are expected to hold at 7 million tons.