Market News

Nearby soybeans up on new export sale

Soybeans were mostly modestly higher on commercial and technical buying. Unknown destinations bought 120,000 tons of new crop U.S. soybeans, continuing the recent hot streak of sales. Nationally, the crop is in good shape, but there are areas of concern. Soybean meal was mostly higher, following the lead of beans, and oil was firm on follow through buying. According to China’s General Administration of Customs, June soybean imports were 7.76 million tons, down 18% from the June 2015 record.

Corn was modestly lower on speculative and technical selling. The national condition rating was down 2% on the week and parts of the Midwest need rain, especially in Michigan, Ohio, South Dakota, and Texas. The trade is expecting a big crop with USDA’s production, supply, and demand numbers out Friday at Noon Eastern/11 AM Central. Ethanol futures were lower.

The wheat complex was mixed, with Chicago, Kansas City, and Minneapolis posting mostly fractional changes. The fundamentals are bearish, especially on the supply side, but there’s buying interest near the recent lows, limiting losses or providing outright support. Nationally, the spring harvest is ahead of average and the winter harvest is close to wrapping up. DTN says Syria bought 150,000 tons of soft wheat from Russia and Israel purchased 55,000 tons of soft wheat from an unknown origin. Japan is tendering for 124,600 tons of food wheat from the U.S. and Canada. South Korea has re-opened to U.S. wheat after testing of imports failed to turn up GMO varieties. According to Russia’s Ag Ministry, this year’s grain harvest is 37% complete.