Market News

Soybeans, corn up on good demand

Futures Markets copy

Soybeans were higher on commercial and technical buying. Demand continues to be strong with export sales this marketing year expected to top 2 billion bushels. The trade in beans lately has been push and pull between that demand and the expected record production. Soybean meal and oil were higher. ABIOVE projects Brazil’s 2017 production at 101.3 million tons with exports of 57 million. Those are less than what the USDA is currently expecting. About a third of Brazil’s new soybean crop has been planted.

Corn was higher on commercial and technical buying. Corn’s also looking at solid demand against expected record production. Aside from some short term delays, harvest conditions generally look good in most of the Midwest. Ethanol futures were higher. Informa Economics expects U.S. corn acreage to be down 3.7% in 2017, with beans up 5.7%.

The wheat complex was lower on commercial and technical selling. The trade’s watching winter wheat planting and development conditions. Demand is good, but the USDA is expecting record world ending stocks at the end of the marketing year. Egypt bought 120,000 tons of wheat from Russia. Cairo recently announced plans to raise critical food supplies to six month levels.

Add Comment

Your email address will not be published.


 

Stay Up to Date

Subscribe for our newsletter today and receive relevant news straight to your inbox!