Market News
Soybeans, corn and wheat end the session higher
Soybeans were higher Friday, but gains were limited because of pressure reported by DTN from lower Brazilian and Argentine currencies, as well as the encouraging prospects for a big U.S. harvest. On the other hand, there’s support from the reported sale of 250,000 metric tons of soybeans to unknown destinations. Delivery is set for the marketing year that begins Saturday.
Corn was higher on good domestic and export demand. The market was supported by the sale of 273,800 metric tons of corn to an unknown destination for delivery in the coming marketing year. Corn has avoided some of the tariff damage done to soybeans and pork, but it reacts favorably to positive news about the Canada-Mexico-U.S. trading relationship. As of Friday afternoon, there was no news as to whether Canada had signed on to an agreement. DTN says, however, that factor is not explosively bullish.
All three U.S. wheat futures contracts were higher on Friday. Weather’s a factor with drought in the Southern Plains, although DTN says recent rain has improved the situation and the weekend forecast includes showers. There’s also support from higher futures prices for milling wheat on the Paris trading exchange. On Monday night, the Russian Ag Minister is reportedly to meet with exporters to determine if an export tax is needed.
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