Market News

Grains, oilseeds see a bounce

 

Soybeans were higher on short covering and technical buying. Contracts saw a bounce after Wednesday’s big drop following the USDA numbers. August, which expires Friday, led the way up. Weekly export numbers were neutral and weather looks non-threatening in most of the region. Soybean meal was mostly higher and bean oil was lower on the adjustment of product spreads.

Corn was higher on short covering and technical buying. Corn also saw a bounce while continuing to digest the bearish USDA estimates and watching the weather. Weekly export numbers were neutral to bearish with the marketing year about to come to an end. Ethanol was mixed.

The wheat complex was higher on short covering and technical buying. Weekly export sales were solid and shipments were just about neutral. The winter wheat harvest is coming to a close and the spring wheat harvest is moving forward. Wednesday’s USDA numbers just confirmed the bearish supply and demand outlook. Japan bought 61,000 tons of U.S. wheat, along with 53,200 tons from Canada and 33,800 tons from Australia.