Market News

Another solid session for soybeans

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Soybeans were higher on fund and commercial buying. There should be some good harvest progress reported Monday, but parts of the Eastern Midwest have seen more delays. In any event, domestic and export demand remain solid. Soybean meal and oil followed beans higher.

Corn was higher on fund and commercial buying, along with spillover from beans. Corn was also watching harvest activity, especially those rain and snow related delays in the Eastern Midwest. Past that – contracts had their third best gain for October since 1980. Ethanol futures were mostly lower.

The wheat complex was lower on fund and technical selling. Weather in the Eastern Midwest is delaying winter wheat planting, with more in the five day forecast. There was no real fresh news and the overall fundamentals remain bearish. South Dakota picked up 26,100 tons of U.S. milling wheat, while India bought 12,000 tons of Australian premium white wheat.

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