Market News

Wheat, corn up with new export sales

 

Soybeans were modestly lower on fund and technical selling. Weekly export numbers were solid and there are some near term shipping delays out of Argentina. Allendale reports a strike at the Rosario port, in addition a ship running aground, leaving nearly 50 ships unable to enter the port. Most analysts do expect at least some increase in U.S. acreage from the last USDA projection. Increase or decrease, no one really knows what the number will be until the end of June. Soybean meal and oil were mixed.

Corn was higher on short covering and technical buying. Weekly export numbers were supportive, with good sales and shipments. Corn is watching weather and while there are some late planting delays, the trade’s expecting a big crop. Another feature Thursday and likely Friday is position squaring ahead of the Memorial Day weekend. Ethanol futures were lower. Unknown destinations bought a total of 203,200 tons of U.S. corn. 152,400 tons is for 2014/15 delivery and 50,800 tons is for 2015/16.

The wheat complex was higher on commercial and technical buying. Wheat’s also watching the weather, with wet conditions in the Southern Plains and dry weather for parts of Russia. Weekly export numbers were bearish, with the marketing year about to end. Japan bought 54,800 tons of U.S. food wheat, along with 33,400 tons from Australia and 28,700 tons from Canada. According to Ukraine’s Ag Ministry, spring grain planting is 92% complete.