Market News

Wheat leads on slow U.S. planting, world weather concerns

 

Soybeans were higher on commercial and technical buying. Late crop development is close to normal and the harvest is ahead of the five year average. The trade’s continuing to get ready for Friday’s USDA supply, demand, and production reports. Soybean meal was mixed in consolidation trade and bean oil was up modestly, watching the El Nino impact on Asian palm oil production.

Corn was higher on commercial and technical buying. The corn harvest is a little bit behind average, but forecasts for the next several days look warm and dry in most areas. Contracts could stay within the recent range ahead of the USDA numbers. Ethanol futures were higher. According to wire reports, Ukraine will limit grain exports, with corn at 16 million tons, which would be down 16% on the year.

The wheat complex was higher on commercial and technical buying. Winter wheat planting and emergence are both slightly slower than average. The market’s watching dry conditions in the Black Sea region and Australia. South Korean firms made three new wheat purchases announced by DTN: 50,000 tons from Australia, 25,300 tons from the U.S., and 24,650 tons of milling wheat from the U.S. Taiwan bought 89,200 tons of U.S. milling wheat.