Market News

Soybeans, corn move higher, wheat continues to fall

Soybeans ended the day mostly higher.  Soybean oil was higher Tuesday and bean meal also found some strength.  The USDA dropped the crop conditions rating 2 points to 70% good to excellent.  That’s still well above last year’s rating.  The trade continues to watch weather impacts.  It’s hot and dry across the middle of the country while the North continues to battle heavy rains.  Demand from China and unknown destinations continues to pick up steam, while new crop sales continue to be slow. The National Oilseeds Processors Association estimated crush at 13.6 million bushels, a new record high for May.

Corn was mostly higher as the crop continues to face weather challenges.  More rain in the northern US with heavy totals expected, while the rest of the Corn Belt is mostly hot and dry.  On Monday, the USDA has the corn crop rated 71% good to excellent, a slight drop on the week.  There are still questions about the crop that’s been planted.  The USDA’s planted area numbers out on the 28th. But, the actual planted area won’t really be known until prevent plant numbers are released. Quarterly grain stocks are also out on the last business day of June. 

The wheat complex fell again Monday.  The USDA estimates 27% of the winter wheat crop has been harvested, which is well above last year and the five-year average.  Spring wheat is rated 76% good to excellent, but Minnesota and North Dakota continue to face heavy bouts of precipitation.  The trade continues to monitor weather in the U.S., but also the European Union and the Black Sea Region.  However, it doesn’t appear to be showing too much concern as the market remains under pressure.  But there are expectations that some of the crop has been lost and that could be positive for U.S. export demand, The next round of Supply and Demand numbers from the USDA comes out July 12th.

Add Comment

Your email address will not be published.


 

Stay Up to Date

Subscribe for our newsletter today and receive relevant news straight to your inbox!