Market News

Soybeans back down from recent highs

Soybeans were lower on profit taking and technical selling after the recent move to multi-week highs. U.S. planting is underway and a little faster than average, especially in the Delta region. Many near term forecasts do have planting delaying rain in the Delta and the Midwest. Soybeans are watching the tail end of harvest in South America and expecting record U.S. acreage this year. Soybean meal and oil were lower, following beans.

Corn was higher on commercial and technical buying. Corn’s also watching planting conditions and expecting at least some delay from rain, along with cooler conditions in northern portions of the Midwest. A lot of corn was planted last week, despite rain, pulling this year’s pace close to the five year average. Corn’s also digesting record South American production and a likely large U.S. crop. Nearby ethanol futures were mostly firm.

The wheat complex was higher on short covering and technical buying. The USDA’s winter wheat condition rating was unchanged on the week, but 1% did move from good to excellent. Minneapolis was in the lead with U.S. spring wheat planting and emergence slower than average. Israel is tendering for 45,000 tons of optional origin feed wheat and Algeria is in the market for 50,000 tons of durum.

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