Market News

Commercial demand back for soybeans

Soybeans were higher on fund and commercial buying. The trade’s continuing to look at a record crop balanced out by expected record demand. There was no real fresh news, but the trade decided to buy back the losses from Monday and then some. Soybean meal was higher on commercial demand, while bean oil was firm, following the rest of the complex. Weekly export sales numbers will be out Friday.

Corn was higher on fund and technical buying. It looks like corn also took the path of least resistance getting ready for the day off on Thanksgiving. Corn’s watching the tail end of harvest and looking at solid domestic demand. Ethanol futures were higher. For the second day in a row, unknown destinations bought 116,000 tons of 2014/15 U.S. grain sorghum.

The wheat complex was higher on fund and technical buying. Wheat should also have a fairly light session ahead of the holiday on Thursday, with no real fresh news and a bearish set of fundamentals. Winter wheat emergence is ahead of average and the crop is in good shape as it heads into dormancy. Still, the trade’s keeping an eye on weather around the Black Sea region, with winter wheat in relatively poor condition. Turkey bought 100,000 tons of optional origin durum.