Market News

Wheat, corn post gains

 

Futures Markets copy

Soybeans were mixed, adjusting old crop/new crop spreads, with old crop down and new crop up. The truck strike in Brazil isn’t over, but there are fewer blockades reported this week. In southern Brazil, soybean stocks at the key Paranagua port are dwindling, while the BR-163 highway in Mato Grosso is free of stoppages for the first time in weeks. Harvest and crop development conditions look good around most of the South America. AgRural reports 40% of Brazil’s new crop is sold and 29% is harvested, both slower than averaged. Soybean meal was mixed, following the lead of beans, and bean oil was up on spillover from crude oil.

Corn was higher on commercial and technical buying, along with spillover from wheat. Corn’s also watching the weather in South America, with no major threats in the near term forecast. Additionally, corn traders have an eye on the truck blockades in Brazil. Demand remains strong and producer selling continues to be light. Ethanol futures were higher.

The wheat complex was higher on speculative and technical buying. There’s at least one more round of bitterly cold weather in the forecast for U.S. winter wheat growing areas. Monthly USDA crop numbers did show lower condition ratings around most of U.S. winter wheat growing region. Japan’s tendering for 130,900 tons of food wheat from the U.S., Canada, and Australia.

 

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