Market News

Corn up, soybeans and wheat mixed

 

Soybeans were narrowly mixed, mostly firm, ahead of Independence Day weekend. Contracts posted strong gains over the past week due to acreage concerns and strong demand. Weekly old crop export sales were a net reduction, but it was another very strong week for physical shipments. Five day forecasts are generally showing a drier weather pattern for some areas. Soybean meal was lower and soybean oil was higher on the adjustment of product spreads.

Corn was higher on short covering. Week to week, the most active corn contracts posted big gains, thanks to solid demand and yield concerns following a very wet June. Export sales were good, but shipments were a little slow, leaving the weekly numbers neutral. Corn’s also watching the weather, with drier conditions expected in the near term from Missouri to Ohio. Ethanol futures were higher.

The wheat complex was mixed, with Chicago mostly firm, Kansas City steady to weak, and Minneapolis mostly lower. Weekly export numbers were bearish, reflecting the continued slow demand to start this marketing year. There are more harvest delays in the forecast for the soft red winter region and dry weather for the northwestern Plains and western Canadian Prairies.