Market News

Soybeans give back some gains

Soybeans were lower on commercial and technical selling, seeing a correction after the recent strength. Contracts started higher but weren’t able to follow through. Weekly export sales were larger than expected and it was a good week for shipments. Beans are waiting to see how much of South America’s crop has been lost. The next official USDA estimate is out May 10th. Soybean meal and oil were lower, following beans.

Corn was lower on profit taking and technical selling. Corn sales were below last week’s marketing year high, but still good overall and shipments were solid. Midwestern weather is generally conducive for planting and development, but there are some delays on the horizon. The USDA’s first U.S. production estimate of 2016 is out May 10th. Ethanol futures were steady to higher.

The wheat complex was lower on profit taking and technical selling, along with the higher dollar. The fundamentals are bearish with a large world supply and slow demand for U.S. wheat. The weekly export numbers were bearish. Aside from rust and aphid issues, the Kansas wheat tour results were strong with yields well above a year ago. India bought 140,000 tons of wheat from Australia and Israel purchased 30,000 tons of optional origin feed wheat.