Market News

Soybeans drop post-holiday

Soybeans were lower on fund and commercial selling, along with spillover from the drop in crude oil. Still, it was another strong week for sales at 54.6 million bushels and shipments were also bullish. The trade’s also watching planting and development weather around South America, with good progress expected. Soybean meal and oil followed beans lower.

Corn was lower on fund and commercial selling. Weekly corn exports were neutral with a strong week for sales against a slow week for shipments. Overall, it was a pretty quiet post-holiday session, with losses accelerating once beans sold off. Ethanol futures were mixed. Costa Rica bought 109,736 tons of 2014/15 U.S. corn.

The wheat complex was higher on fund and commercial buying. Weekly wheat numbers were neutral to supportive, with good, but not great, sales and shipments. The trade’s also watching winter crop development in the U.S. and the Black Sea region, with late planting and a cold snap expected next week. Past that – Friday was the first notice day for December contracts, with no deliveries against Chicago.