Market News

Soybeans, corn supported by weather worries

Soybeans were higher on commercial and technical buying. Near term forecasts have more high temperatures and scattered rainfall, stressing crops in some key U.S. growing areas. Long term forecasts and actual rainfall totals have generally been inconsistent. Soybean meal and oil were higher, following beans. Weekly export numbers were neutral to bearish, with slower sales and shipments less than what’s needed to meet USDA projections for the marketing year.

Corn was higher on commercial and technical buying. Corn is also watching the weather with crop development slower than average nationally. The USDA is expected to lower the crop condition rating again next week, with the first field based production numbers of the season out in August. Ethanol futures were steady to firm. Weekly export numbers were bullish, good sales and shipments, with a little more than a month left in the 2016/17 marketing year.

The wheat complex was up on commercial and technical buying, rallying from the early mostly lower activity. Drought conditions are expected to continue in the northern U.S. Plains and Canadian Prairies. It’s early in the year, but the weekly export numbers were bullish. The USDA’s attaché in Australia lowered its wheat production outlook to 22 million tons, expecting weather issues during the growing season in parts of that nation.

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