Market News

Grains, oilseeds end week on lower note

Soybeans were lower on fund and commercial selling. The trade’s watching weather around South America and at least right now, weather looks mostly good. There is a chance for flooding over the next few days in parts of Southern Brazil. Soybean meal was steady to lower and bean oil was modestly higher, with both squaring up at the end of the week.

Corn was mixed in consolidation trade. Contracts have recently moved to five month highs and trade is expected to be light over the next couple of weeks, so corrections are not out of the question. Still, demand remains strong with Japan and Mexico both buying large amounts of U.S. corn, 135,664 tons and 101,604 tons, respectively, with both for 2014/15 delivery. Ethanol futures were mixed.

The wheat complex was lower on fund and commercial selling. Wheat has rallied sharply from the September lows, expecting improved demand. However, even with the export woes from Russia, that increase in demand remains largely up in the air and the ruble was higher Friday. The European Union issued export licenses for 514,000 tons of soft wheat over the past week.