Market News

Bearish exports put pressure on soybeans, corn and wheat

Soybeans ended the shortened Friday trading session lower, but maintained a small gain for the week.  There are changes to South America’s weather forecast that include rain for more favorable growing conditions.  Rain’s been falling in central Brazil, while Argentina was drier.  Dry weather can result in higher yields if it’s not too extreme.  Last week’s soybean export sales and shipments were bearish.

Corn closed the day and the week lower. Friday’s warm, dry weather across the Corn Belt presented one more opportunity to clean up what’s left of this year’s corn harvest.  DTN calls corn’s fundamentals bearish with USDA expecting 2.49 billion bushels of ending U.S. corn stocks in 2017-18 and export sales off to a slow start.  USDA’s export sales and shipments for last week were bearish, reflecting increased competition from Brazil.

Wheat was lower Friday, marking a new contract low from commercial selling on light volume.  U.S. and world wheat supplies are plentiful, and wheat export sales and shipments for last week were bearish.  The weather forecast is mostly dry across the Southern Plains, but that doesn’t make as much difference now as it will next spring.