Market News

Soybeans, corn finish higher

 

Soybeans were higher on fund and commercial buying. Weekly export numbers were neutral to a little bullish thanks to strong new crop sales and good physical shipments. The outside markets were a lot more stable Thursday and China’s stock market closed sharply higher heading into the U.S. session. Soybean meal was mostly higher on commercial activity and bean oil was supported by the higher beans and crude oil.

Corn was modestly higher on fund and commercial buying. Weekly export numbers were bearish with a net cancellation on old crop sales and another slow week for shipments. New crop sales were good. The 2014/15 marketing year ends on August 31st. Crop weather looks non-threatening with late week rain in the weather forecast. Ethanol futures were higher. Farmers in Argentina are currently in a grain selling strike.

The wheat complex was mostly lower. Chicago and Kansas City were pressured by good pre-planting conditions for winter wheat. Minneapolis is watching the spring wheat harvest, which is about to wrap up in many areas. There’s also some much needed rain headed for parts of the northwestern Plains. The International Grains Council projects 2015 world wheat production at 720 million tons, up 10 million from the previous estimate. Egypt bought 60,000 tons of wheat from Russia. Tunisia picked up 125,000 tons of optional origin durum and 75,000 tons of optional origin milling wheat. Taiwan purchased 49,400 tons of U.S. milling wheat.