Market News

Wheat supported by Russia questions

 

Soybeans were lower on fund and technical selling. Development conditions look good around South America, with no real weather threat in the forecast. Also, the November NOPA crush was a little smaller than expected at 166.211 million bushels and the FSA prevented planting number only had a slight increase from last month, up 2,000 acres to 841,000 acres. Soybean meal and oil followed beans lower. A Chinese soybean buying delegation is in Chicago this week.

Corn was modestly higher on technical buying and spillover from wheat. There was no real fresh news for corn with only a modest rise in the FSA’s prevented planting number, from November’s 1.594 million acres to December’s 1.606 million acres. Domestic demand continues to look solid and farmer selling remains light in most of the Midwest. Ethanol futures were lower.

The wheat complex was higher on fund and commercial buying. There’s continued talk that Russia will have to limit exports this year due to some crop weather issues. Whether that would be done either officially by Moscow or unofficially by non-Russian chartered grain companies is still up in the air. The ruble Monday hit its lowest price in 25 years. The trade’s also watching weather around the U.S. winter growing areas. USDA’s FSA states prevented planting on wheat was 1.380 million acres, slightly more than the 1.379 million reported in November. According to DTN, Morocco is keeping import tariffs on soft wheat imports at 17.5% until April 2015.