Market News

Planting pressure sends corn lower

Soybeans were lower on fund and speculative selling. There are some harvest delays expected over the next couple of days in Argentina, but nothing all that serious. Also, estimates out of Argentina have been climbing as their harvest moves on. The Buenos Aires Grain Exchange now projects production at 60 million tons, up 1.5 million from the previous guess. Commercial demand did limit losses. Soybean meal and oil followed beans lower.

Corn was lower on fund and speculative selling. The trade’s expecting solid week to week planting progress around most of the Midwest. Forecasts for the coming week look good, with rain and seasonal temperatures expected in most areas. Losses in corn were also limited by commercial demand. Ethanol futures were lower. The Buenos Aires Grain Exchange sees Argentine corn production at 25 million tons, 2 million more than the prior projection.

The wheat complex was mixed. The fundamentals are neutral, but U.S. wheat continues to be a good relative value. The trade’s also keeping an eye out for any new reports of winterkill as the hard and soft red winter crops continue to develop. There’s more rain in the forecast for the Southern Plains, along with a drier pattern for the Eastern Midwest. The USDA’s Commodity Credit Corporation bought 46,400 tons of wheat for distribution in Afghanistan and Yemen.