Market News

Soybeans up on new export sale

Soybeans were modestly higher on commercial and technical buying. Unknown destinations bought 146,000 tons of old crop U.S. beans, the first announced sale of that size in about a month. Export demand has definitely taken a hit from record South American production. The Buenos Aires Grain Exchange says 16.3% of Argentina’s soybean crop is harvested. Soybean meal was higher, following beans, and oil was mostly firm, consolidating. According to Statistics Canada, a survey of farmers indicates canola planting in Canada could be a new record, with the projection at 22.387 million acres, and soybeans could also hit a new time high with an estimate of 6.956 million acres.

Corn was fractionally lower on commercial and technical selling. Near term, more planting delays are expected in parts of the Midwest, but forecasts for early May generally look good. Corn’s also watching South America and expecting record production. The Buenos Aires Grain Exchange has Argentina’s harvest at 22.6% complete with production of 37 million tons. A wire service poll in Brazil has that nation’s crop at 93.2 million tons. Ethanol futures were firm. Stats Canada sees corn planting at 3.751 million acres, up 12.8% on the year. South Korea’s Nonghyup Feed bought 203,000 tons of optional origin corn.

The wheat complex was narrowly mixed, with modest closes on either side of unchanged. Forecasts have more rain in the U.S. Plains and the winter condition rating should improve again Monday afternoon. Canada’s wheat planting estimate is about unchanged on the year at 23.182 million acres, according to a farmer survey from Stats Canada, published Friday. The USDA’s attaché in Australia projects 2016/17 wheat production at 24 million tons, nearly steady with 2015/16.