Market News

Grains, oilseeds up on weather uncertainty

 

Soybeans were higher on short covering and technical buying. Demand is solid and contracts did buy back Wednesday’s losses, with some uncertainty about upcoming weather forecasts. However, the longer term fundamentals remain bearish with the trade expecting a record crop. Soybean meal and oil followed beans higher. USDA’s weekly export sales report is out Friday.

Corn was higher on short covering and technical buying. Unknown destinations bought 120,000 tons of 2014/15 U.S. corn and corn’s also concerned about further harvest delays. Past that though, like beans, fundamentals are bearish, mostly due to the supply side of the equation, and the trade expects a record crop. Ethanol futures were higher.

The wheat complex was higher on short covering and technical buying. Winter wheat planting has been slowed by rain with some uncertainty about the upcoming forecast. Wheat’s also looking at a bearish fundamental picture, largely due to the available world supply. Japan bought 65,600 tons of U.S. food wheat, along with 30,400 tons from Canada and about 21,100 tons from Australia. Turkey picked up 200,000 tons of milling wheat.

 

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