Market News

Soybeans, corn down on new weather outlooks

 

Soybeans were lower on fund and speculative selling. Forecasts around most of the region for the next couple of weeks generally look better for harvest activity. Demand remains strong, with another bullish week for the export numbers. Soybean meal and oil were lower on the general tone in grains and oilseeds.

Corn was lower on fund and speculative selling. Corn’s also watching the weather and expecting good harvest progress in the near future. After buying 120,000 tons on Thursday, unknown bought 126,000 tons of U.S. corn Friday, and the weekly export sales and shipments were both positive. Ethanol futures were higher.

The wheat complex was lower on fund and speculative selling. Those soybean harvest delays have slowed down winter wheat planting in the Eastern Cornbelt, so that should pick up steam soon. The weekly export numbers were good, but wheat has been attracting less demand than many were expecting. That’s due to the large available world supply, in addition to some recent higher activity in the dollar.