Market News

Soybeans, corn up on commercial demand

Soybeans were higher on commercial and technical buying. Soybean stocks were up 3% on the year, but were a little lower than expected and the numbers did reflect strong quarterly demand. Unknown destinations bought 198,000 tons of 2016/17 U.S. beans and China purchased 118,000 tons, the eighth consecutive business day with new sales reported by the USDA. Soybean meal was steady to higher and bean oil was up. The new marketing year for soybean products starts October 1st.

Corn was higher on commercial and technical buying. Corn stocks were up slightly from a year ago, just under the average estimate, with quarterly use of nearly three billion bushels. That’s close to, if not, record demand for the fourth quarter of a marketing year. Corn’s watching harvest activity, expecting generally good progress in many growing areas. Ethanol futures were mostly higher.

The wheat complex was mixed with Chicago and Minneapolis up and Kansas City down. Wheat stocks were larger than expected and USDA raised the 2016 production estimate with an expected record average yield. Export demand has been good this marketing year, but there’s plenty of wheat available. The International Grains Council expects 2017 global winter wheat planting to hew close to expectations, despite low prices.