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Solid bounce for grains and oilseeds

Soybeans were higher on technical and commercial buying. Weekly export numbers were pretty much neutral, but the supply is tight and demand is solid. Past that – beans continue to watch the weather. Soybean meal was higher on solid commercial demand, while bean oil was lower on a comparative lack and spillover from crude oil. August beans went off the board sharply lower, August bean oil was down, and August bean oil was sharply higher.

Corn was higher on short covering and spillover from beans and wheat. Weekly export numbers were bearish and there’s some rain in the forecast for the Midwest. Still, ethanol demand is solid and spot corn prices are at their lowest levels in several years. Ethanol futures were lower. Strategie Grain expects European Union corn production to be 68 million tons, up 1.6 million from their previous projection.

The wheat complex was higher on technical and commercial buying. Chicago led the way up, watching the rain in Europe and keeping an eye on what seems to be an improving situation in Ukraine. Weekly export sales were lower than expected, but it was a good week for shipments, leaving the numbers largely neutral. Jordan bought 50,000 tons of hard milling wheat and Israel picked up 25,000 tons of feed wheat, both optional origin. Strategie Grain estimates European Union soft wheat production at 144.1 million tons, slightly larger than the last guess and up 6% on the year. However, they did note that 59% of the crop may be milling quality, compared to 71% last year.