Market News

Soybeans, corn down in pretty quiet trade

Soybeans were lower on commercial and technical selling. The trade has concerns about the impact of the recent wet weather in many areas and while it is still relatively early, crop insurance dates are approaching. Overall, it was a pretty quiet session with a lack of buying interest as much of a factor as any bearish news. Weekly export numbers were neutral to a little bullish, with slowing sales and a good week for shipments. Soybean meal and oil followed beans lower. Argentina’s Ag Ministry sees soybean production at 58 million tons.

Corn was modestly lower on commercial and technical selling. Corn’s watching the weather with more rain expected in parts of the region this weekend. Unknown bought 115,400 tons of old crop U.S. corn and weekly numbers were neutral, with good sales and shipments slightly less than what’s needed to meet USDA projections. The USDA’s Nearby ethanol futures were mixed, mostly firm. The USDA’s attaché in Peru says imports of U.S. corn from January to April were 1.5 million tons, due at least in part because of that nation’s expanding poultry industry. Argentina’s Ag Ministry has corn production at 46.5 million tons.

The wheat complex was mostly modestly lower. Minneapolis was firm on concerns about spring crop conditions and better demand for higher protein wheat, but Chicago and Minneapolis were down on supply pressure. Weekly export numbers were neutral to bearish with very little time left in the marketing year. The 2016/17 marketing year for wheat ends May 31st. South Korea bought 63,000 tons of Black Sea origin feed wheat. Japan has an open tender for U.S. wheat.