Market News

Soybeans, corn finish the day with modest gains

Soybeans ended the day higher but spent most of the day on both sides of unchanged in the pretty quiet trade.  Soybean meal was lower, while soybean oil moved higher.  Soybean conditions declined slightly on Monday, but crop development and harvest are both ahead of the average pace.  The trade continues to monitor weather in the U.S., but also in Brazil as it has been very hot and very dry.  Soybean export sales have been solid, with another reported sale on Monday of 132,000 mt to an unknown destination. 

Corn ended the day modestly higher but spent most of the day trading in slightly negative territory.  The USDA says the crop condition improved, raising it rating one point to 65% good to excellent.  Traders continue to monitor weather, it’s been warm and dry throughout much of the Corn Belt, which could have shaved off some of the top-end yields.  But as harvest activity is ramping up, so is the chance of precipitation in parts of the Corn Belt, specifically the Dakotas, Minnesota, Iowa, and Nebraska.  The forecast for Brazil remains hot and dry. 

The wheat complex was mixed on Tuesday, with light volume and a narrow range. Winter wheat planting is 14% complete, and spring wheat harvest is 92% complete. Some precipitation is expected to move into some of the U.S. wheat growing areas late this week. Dry conditions are persistent in parts of Russia, Ukraine, Australia, and Argentina. U.S. wheat remains at a competitive disadvantage to Russian wheat on the global market.