Market News

Soybeans sell-off

Soybeans were lower on fund and technical selling. Harvest is progressing in many areas, so we’re seeing an increased amount of available soybeans. Still, the record crop’s being balanced out by record demand, with China buying another 132,000 tons of 2014/15 U.S. beans. Soybean meal was lower and bean oil was higher, adjusting product spreads.

Corn was lower on fund and technical selling. Corn’s also watching harvest activity and the long term fundamentals continue to look bearish. The weekly export numbers look bearish, following a significant cancellation by unknown. Ethanol futures were mixed. Unknown picked up 113,000 tons of 2014/15 U.S. grain sorghum. ADM projects the European Union corn crop at 73.6 million tons.

The wheat complex was lower on fund and technical selling. Improved corn and soybean harvest progress is allowing producers to finish winter wheat planting. Fundamentals remain bearish, with a neutral week for the export numbers; sales were strong, but shipments were not. Jordan bought 100,000 tons of feed wheat from multiple origins. USDA’s ag attache in Moscow estimates 2014/15 wheat production for Russia at 57.5 million tons, with exports of 21 million tons.