Market News

Good weekly export sales support corn, soybeans, wheat

Soybeans were higher on commercial and technical buying, bouncing back after early mostly lower activity. Weekly export numbers were bullish with sales topping 52 million bushels and shipments more than what’s needed to meet USDA projections. This year’s U.S. harvest is close to wrapping up with production more than likely a new all-time high. Soybean meal was higher and bean oil was lower on the adjustment of product spreads.

Corn was higher on commercial and technical buying. Weekly export sales were more than 65 million bushels, but it was a relatively slow week for physical shipments. Corn’s also watching the tail end of harvest activity along with outside market trade. The Dow rebounded after some early losses and the dollar was up. Ethanol futures were higher. According to Allendale, Ukraine’s corn yield is well above a year ago with 77% of the crop harvested.

The wheat complex was higher on commercial and technical buying. Weekly export numbers were neutral with solid sales against slow shipments. Export sales are ahead of last year’s pace but there’s a lot of wheat available. The primary source of support continues to be wheat being seen as a good value at these price levels. Japan bought 102,000 tons of feed wheat from the U.S., along with 35,000 tons from Canada. Parts of the Southern Plains are in moderate drought conditions ahead of the winter crop heading into dormancy.