Market News

Another lower close for soybeans, corn

 

Soybeans were lower on fund and commercial selling. USDA’s condition rating did decline slightly, but the crop is in great shape for this time of year. Demand is strong, but fundamentals are bearish due to the record expected crop. Soybean meal was lower and bean oil was higher on the adjustment of product spreads. The trade’s keeping an eye on shower activity ahead of widespread planting in South America. Safras & Mercado projects Brazil’s crop at 95.9 million tons.

Corn was lower on fund and commercial selling. 74% of corn is in good to excellent condition and while maturity is behind average, warmer weather should help it catch up. Fundamentals remain bearish due to the expected record crop. Ethanol futures were lower. Unknown destinations bought 110,000 tons of U.S. grain sorghum.

The wheat complex was mixed. Spring wheat harvest is a little behind average, but winter wheat planting is just ahead of the normal pace. In any event, wheat’s also looking at bearish fundamentals, primarily due to the large available world supply and this year’s expected record global crop. Russia’s Ag Ministry reports harvest is 75% complete at 90.8 million tons and 60% of spring crops are planted. Kazakhstan adds harvest is 58% complete at 9.5 million tons. Israel picked up 35,000 tons of optional origin feed wheat.