Market News

Soybeans, corn down watching South America

Soybeans were lower on profit taking and technical selling. South American conditions generally look good with only limited flooding expected in Argentina. Brazil’s harvest is reportedly a little more than halfway complete. Export demand for U.S. beans is strong, but there’s competition coming up. Domestic demand is expected to stay strong. Soybean meal and oil futures followed beans lower.

Corn was lower on profit taking and technical selling. Corn’s also watching conditions in South America and expecting at least some slowdown in export demand, against continued solid domestic demand. Japan bought 194,112 tons of U.S. corn, with 60,000 tons for delivery this marketing year and 134,112 for next marketing year. Ethanol futures were lower.

The wheat complex was lower on profit taking and technical selling. The supply side of the market is bearish and demand is essentially neutral. Near term forecasts have more weather in the Plains and most of the Midwest, bringing winter wheat out of dormancy. DTN says Algeria bought 200,000 tons of durum, with Canada the “likely source”, and Morocco bought 263,636 tons of soft wheat from the E.U. Egypt issued a tender for an unspecified amount of milling wheat.

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