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Soybeans up on demand, outside markets

Soybeans were higher on commercial and technical buying. Demand continues to be solid and the outside markets were supportive, with the Dow buying back Monday’s losses, plus a little more. Crop development is ahead of average and the condition rating dipped a little over the past week. Soybean meal was higher and bean oil was lower on the adjustment of product spreads.

Corn was steady to fractionally lower on a lack of follow through after early gains. The crop is in good shape, but there are concerns about conditions in some key growing areas. The crop’s about to enter a critical development period and parts of the Cornbelt need rain. Corn’s also looking at solid demand with U.S. prices at the Gulf below Brazilian port prices. Ethanol futures were lower.

The wheat complex was lower on fund and technical selling. The fundamentals are bearish, with a large available world supply and slow export demand for U.S. wheat. The spring condition rating did decline slightly over the last week, but development is faster than average. The winter wheat harvest is ahead of normal.