Market News

Dollar sends grains, oilseeds lower

 

Soybeans were lower on fund and technical selling, along with spillover from the outside markets. The trade’s watching weather in South America, which looks good overall at this time, with more rain headed for dry areas of Brazil. According to Allendale, Brazil’s new crop is 7.7% harvested, compared to 5.8% a year ago. Beans are wary of more cancellations by China and there was just no fresh supportive news. Soybean meal was higher and bean oil was lower on the adjustment of product spreads.

Corn was lower on fund and technical selling, in addition to the outside market influence. There was no real fresh news for corn either and contracts closed at the bottom of the day’s trading range, with March below what had been support. Domestic demand’s solid and farmer selling’s slow, limiting losses. Ethanol futures were lower.

The wheat complex was lower on fund and technical selling, along with the higher dollar. Parts of the Plains are expected to see record high temperatures ahead of a move to more seasonal conditions. There was also no fresh news for wheat and the overall fundamentals look bearish. Taiwan is tendering for 86,300 tons of milling wheat.