Market News

Corn, wheat finish higher

Soybeans were modestly lower on commercial and technical selling. Conditions in most of Brazil look good and there’s an improved chance of rain for Argentina and southern Brazil next week. Most are expecting big South American crops, but there’s a long way to go, as evidenced by the last growing season. Soybean meal was lower and bean oil was higher on the adjustment of product spreads.

Corn was firm on commercial and technical buying. Weekly ethanol production was a new all-time high and corn’s also watching crop development conditions in South America. A lot like beans, it’s too early to get too concerned about dry weather in parts of Argentina. It was an up and down day with relatively light trade volume. Ethanol futures were lower following the record weekly production reported by the EIA.

The wheat complex was firm to modestly higher on commercial and technical buying. The U.S. winter crop is headed towards dormancy and while big chunks of the region are in a drought, any damage won’t be known for a while. The supply side of the market remains very bearish and the USDA is projecting record global production. Minneapolis hit a new five month high on the comparatively strong demand for higher protein spring wheat. India bought 150,000 tons of wheat from Ukraine and 50,000 tons from Russia.