Market News

Corn up on commercial demand

Soybeans was mixed in end of the week consolidation trade. May and July were both up on commercial support, while other months were steady to lower. Demand continues to be strong, but the supply fundamentals are becoming more and more bearish. There have been some harvest delays in Argentina, but nothing all that serious. Soybean meal was higher and soybean oil was lower on the adjustment of product spreads.

Corn was higher on light fund and commercial buying. There’s more rain in the near term forecast around the Cornbelt, helping western areas and further delaying planting in the southeastern part of the region. In any event, demand is good and the fundamentals are essentially neutral. Ethanol futures were higher.

The wheat complex was mixed. Wheat’s also looking at rainfall, with more expected in hard red winter and soft red winter growing areas. Still, a lot of rainfall is missing dry parts of the northwestern Plains. World conditions look good, aside from some recent rain and hail damage around wheat growing parts of India. Iraq is tendering for 50,000 tons of wheat.