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Corn, soybeans higher on weather concerns

Soybeans were modestly higher on commercial and technical buying. USDA raised old crop ending stocks, which pushed new crop stocks higher, and increased the world numbers. Weather’s a bigger factor right now, with hot, dry conditions expected over the near term in many key growing areas. Soybean meal was mixed, adjusting old crop/new crop spreads, and oil was up, following beans and crude. Unknown destinations bought 201,000 tons of 2016/17 U.S. beans.

Corn was modestly higher on commercial and technical buying. Corn’s also watching the weather and potential heat stress during early stages of development. Old and new crop U.S. ending stocks were unchanged on the month. At this point, the market’s now waiting for Monday’s crop progress report and the new acreage numbers due out on the 30th. Ethanol futures were higher. Agroconsult projects Brazil’s second corn crop at 68.8 million tons, up 1.8 million tons on good rainfall in Mato Grosso.

The wheat complex was narrowly mixed. Chicago and Kansas City were down modestly, the USDA winter wheat production estimate is down 25% on the year, but new crop U.S. and world ending stocks were higher. Minneapolis was supported by weather concerns in the Northern Plains. Saudi Arabia is tendering for 770,000 tons of optional origin wheat. 2016/17 U.S. wheat exports apparently fell just short of the USDA’s outlook for the marketing year.

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