Market News

Soybeans, corn, and wheat up, watching weather

 

Soybeans were higher on fund and technical buying. The trade’s watching harvest activity and getting ready for Friday’s USDA numbers. Ahead of the reports, there’s plenty of uncertainty about new crop ending stocks. The numbers are out at Noon Eastern/11 AM Central. Soybean meal and oil followed beans higher. As of Sunday, 85% of U.S. beans are dropping leaves, compared to the five year average of 83%, and 42% are harvested, compared to 32% on average. 64% of beans are rated good to excellent, up 2% on the week. China is celebrating the Golden Week holiday through Thursday.

Corn was higher on fund and technical buying. Corn’s also watching harvest activity, with rain delays over the weekend in the Southeastern Cornbelt. Five day forecasts for most of the region have more conducive conditions, with warm, dry weather. 86% of U.S. corn is mature, compared to 83% on average, and 27% is harvested, compared to 32% on average. 68% of corn is in good to excellent shape, unchanged from a week ago, but with 1% moving from good to excellent. Ethanol futures were higher.

The wheat complex was higher on fund and technical buying. Wheat’s watching planting conditions in the Southern Plains and harvest activity in Canada. The market’s also keeping an eye on dry conditions in the Black Sea region and Australia. 49% of winter wheat is planted, compared to 51% on average, and 20% has emerged, compared to 22% on average. Egypt bought 175,000 tons of wheat from Russia and 60,000 from Ukraine.