Market News

Corn moves to new lows

Soybeans were mostly lower on commercial and technical activity. Demand is solid, but the trade expects a big crop, with USDA’s acreage numbers out on the 30th. Quarterly stocks numbers are also out on the 30th. It was an up and down, pretty quiet session, with the trade also watching the weather. Soybean meal was down and bean oil was up, adjusting product spreads. The Buenos Aires Grain Exchange held its soybean production estimate for Argentina at 57.5 million tons.

Corn was lower on commercial and technical selling, hitting new lows for the year. Corn’s watching the weather with generally good conditions in most forecasts. The upcoming acreage numbers could answer some questions for corn, but may create some news ones too. Ethanol futures were lower. According to the Buenos Aires Grain Exchange, 48.6% of Argentina’s corn crop is harvested.

The wheat complex was mixed, mostly lower. Minneapolis was up, supported by concerns about spring crop conditions. Chicago and Kansas City were down with the trade watching winter harvest activity, with yield numbers varying pretty widely. The Buenos Aires Grain Exchange reports Argentina’s wheat planting at 52.9% complete.

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