Market News

Soybeans, grains fall after U.K. exit vote

Friday’s soybean and grain prices fell as a result of the decision of U.K. voters to leave the European Union.  Soybeans closed lower Friday also because of expected growth in the soybean planting estimate from USDA next Thursday.  It also hinged on the outlook for favorable summer weather. Soybean demand is still supportive with another big export sale reported the USDA Friday. Unknown destinations bought 10.3 million bushels of old-crop soybeans and 4.8 million bushels of new-crop soybeans.

Corn closed lower on news of the U.K. exit from the EU.  DTN says that while the demand prospects for corn are better than a year ago, it will likely trend sideways until more is known about the next U.S. crop.  Weather will still make a big difference on supply during pollination over the next 5-6 weeks. Milder temperatures are in the forecast for the next week.

Wheat was mostly lower with only the nearby contract ending the session with a slight gain.  Pressure came from the sharply stronger dollar and harvest pressure. Rains forecast for Kansas could slow harvest. Spring wheat was supported by wheat concerns in Canada.