Market News

Soybeans, corn, wheat bounce back

Soybeans were higher on commercial and technical buying. Soybeans saw a bounce after losing more than a dollar during the week. Parts of the growing region are dry, but overall, for now, crop weather is considered non-threatening. Soybean meal and oil followed beans higher. China bought 35,000 tons of 2015/16 U.S. soybean oil.

Corn was higher on commercial and technical buying. Contracts have lost about a dollar over the past few weeks and saw a minor rebound. Corn’s also watching the weather and expecting a big crop. Weekly export numbers were considered a little disappointing. Ethanol futures were higher.

The wheat complex was higher on commercial and technical buying. The fundamentals are bearish, but wheat was able to generate at least some interest at the recent lows. Earlier this week, September Chicago closed at the lowest price for a spot month in nearly a decade. Weekly export sales were larger than expected. South Korea is tendering for 23,000 tons of U.S. wheat.