Market News

Corn up, watching weather, planting

Soybeans were steady to fractionally lower. Near term demand should stay strong, but there is increased export competition from South America. The trade also expects at least some increase in U.S. acreage because of the corn planting delays. Still, there’s a lot of uncertainty about just where acreage will end up this year. The USDA’s next acreage update is out at the end of June. Bean meal was mixed, adjusting old crop/new crop spreads, and bean oil was weak.

Corn was modestly higher on commercial and technical buying. Forecasts have more rain in parts of the Midwest and other areas look dry, but what has been planted and wasn’t flooded out seems to be in good shape. The first official U.S. rating of the season is expected to be out next week. The numbers are delayed a day by Memorial Day. Ethanol futures were lower, even with a nominally bullish set of weekly numbers from the EIA.

The wheat complex was modestly higher on commercial and technical buying. Early winter wheat harvest results have generally been mixed, but widespread activity is still a way off. The supply side of the market continue to limit the upside. Most of the world’s crop looks good, aside from hot and dry weather in eastern China. Jordan is tendering for 100,000 tons of milling wheat.

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