Soybeans find market strength from declining crop condition ratings
Soybean futures were higher on Tuesday on further crop condition declines and continued warmer and drier short-term weather, but with more rain in the extended forecast. Good-to-excellent ratings on soybeans are just 58 percent, 14 points behind a year ago. South America is shipping soybeans while canola values are flat, according to DTN. That could potentially limit the upside on soybean oil short term.
Corn futures closed the Tuesday trading session lower, after opening higher, with support from soybeans, Brazil importing corn from Argentina and crop conditions fading slightly. Ethanol margins remained stable, according to DTN. Demand wise, there have been rumors that China might be looking for U.S. new-crop corn.
Wheat futures closed mixed, with Chicago lower, Kansas City higher and Minneapolis mostly higher. Harvest is picking up across Europe and the Black Sea, with DTN saying results so far are mixed. The lower dollar might have limited Chicago losses and added support to the Kansas City and Minneapolis exchanges. There is some export demand; wheat inspections last week were decent, but total export inspections are down.