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Soybeans, wheat finish mixed

 

Futures Markets copy

Soybeans were mostly fractionally lower. The truck strike in Brazil isn’t over, but it’s suspended for a few days, and harvest is about to start in Argentina. Past that – the trade’s getting ready for Tuesday’s supply and demand report. USDA will also be updating the closely watched South American soybean production projections. Friday, the Buenos Aires Grain Exchange left its estimate for Argentina at 57 million tons. Soybean meal was higher and soybean oil was lower on the adjustment of product spreads.

Corn was lower on fund and technical selling. Growing conditions in South America look good and parts of the Cornbelt are seeing a seasonal warm-up. Still, that’s largely limited to the Western Belt and Southeastern areas could have a late start to planting due to lingering winter weather. Demand remains strong and producer selling is light, but there’s still plenty of corn available. Ethanol futures were lower.

The wheat complex was mixed. Wheat consolidated after the recent move to new contract lows in Chicago. Fundamentals are bearish, but U.S. wheat is a good relative value and Chicago and Kansas City are oversold. Also, the trade does have concerns about the impact of lingering winter weather in some areas. According to Russia’s Ag Ministry, February wheat exports were 350,000 to 370,000 tons, down sharply from January following Moscow’s implementation of a wheat export tariff. Iran bought 85,000 tons of wheat of E.U. and/or Black Sea origin.

 

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