Market News

More new contract lows for corn, soybeans

 

Soybeans were lower on commercial and technical selling, hitting another round of new contract lows. Weather looks good for late development and early harvest, with the trade expecting a record crop. Planting in South America is off to a fairly slow start due to a lack of rain, but it is early. Soybean meal and oil followed beans lower.

Corn was lower on commercial and technical selling, settling near the new contract lows set Friday. Corn was also watching the weather and early anecdotal yield numbers, both of which look really good. Mexico bought 107,188 tons of U.S. corn, with 59,309 for delivery this marketing year and 47,879 for delivery next marketing year. Also on the demand side, an increased hog herd would likely lead to increased feed demand. Ethanol futures were lower.

The wheat complex was mixed in consolidation trade. Wheat’s watching spring harvest weather and winter planting conditions. The fundamentals remain bearish due to the large available world supply. Qatar picked up 40,000 tons of milling wheat, and the United Arab Emirates bought 120,000 tons of soft wheat and 15,000 tons of hard wheat.