Market News

Soybeans down, watching weather

Soybeans were lower on commercial and technical selling, with November closing at a three month low. NOAA forecasts for August are generally hot with normal to above normal precipitation. Demand’s good, but the market’s expecting a big crop and more supply pressure, with the new marketing year about to start. Soybean meal and oil followed beans lower.

Corn was higher on short covering and commercial buying, seeing an oversold bounce, but still down on the week. Corn’s also watching the weather, with high heat balanced by generally good precipitation. The crop is in good shape and the trade is expecting ample production. Ethanol futures were higher.

The wheat complex was higher on short covering and commercial buying. The fundamentals are bearish, especially on the supply side, but there is buying interest near the recent lows. Forecasts have scattered rainfall in dry parts of the spring wheat region and parts of the European growing regions are dry. South Korea bought 23,000 tons of wheat from Australia.