Market News

Soybeans, corn down ahead of USDA numbers

Soybeans were modestly lower on profit taking and technical selling. The trade was getting ready for the USDA supply, demand, production, and quarterly stocks numbers Thursday. There’s a lot of uncertainty about South American production and Chinese demand. The numbers are out at Noon Eastern/11 AM Central. Soybean meal was lower and bean oil was higher, adjusting product spreads.

Corn was weak on fund and technical selling. Corn was also watching South America and getting ready for those new USDA numbers. Chinese demand is also an uncertainty for corn and not only for corn, but for ethanol and ddg exports. Ethanol futures were lower following the weekly EIA numbers. The USDA’s weekly export sales report is out Thursday at 8:30 AM Eastern/7:30 AM Central.

The wheat complex was mostly lower on fund and technical selling. Most forecasts have widespread precipitation in the southwestern Plains over the next few days. The USDA’s winter wheat acreage estimate is also out Thursday. Japan bought 28,000 tons of U.S. feed wheat and Turkey issued a tender for 99,000 tons of milling wheat. Japan has an open tender for 163,000 tons of wheat from the U.S. and Canada.