Market News

Demand supports soybeans, corn

Soybeans were higher on commercial and technical buying. Weekly export sales were strong, topping 70 million bushels, and the USDA reported new sales of 396,000 tons to China and 129,000 tons to unknown destinations. Both are for delivery this marketing year. USDA’s expecting record production to go along with that strong demand. Soybean meal was higher and bean oil was lower on the commercial adjustment of product spreads.

Corn was higher on commercial and technical buying. Many near and medium term forecasts look good for harvest activity, with generally drier weather in many areas. Weekly export numbers were neutral with good sales against relatively show shipments. Ethanol futures were higher. China bought 204,000 tons of 2016/17 U.S. sorghum.

The wheat complex was mostly higher on commercial and technical buying. Weekly export numbers were neutral and there’s a lot of wheat available, domestically and globally. Wheat is considered to be a good value at these price levels. The December Kansas City and Minneapolis contracts were the exception, holding steady. South Korea bought 65,000 tons of optional origin feed wheat, with the U.S. a listed option.