Market News

Soybeans, corn down watching end of harvest, dollar

Soybeans were lower on commercial and technical selling. This year’s U.S. harvest is about to wrap up and production is more than likely a new all-time high. Demand is solid with China buying another 165,000 tons of 2016/17 U.S. beans, the third day in a row with a new sale to Beijing. The higher dollar was also a bearish factor for most grains and oilseeds. Soybean meal and oil were lower, following the lead of beans.

Corn was lower on commercial and technical selling. Corn’s also watching the tail end of this year’s U.S. harvest with probable record production. Solid demand and slow farmer selling should continue to limit losses moving forward. Ethanol futures were lower. The U.S. Energy Information Administration reports U.S. ethanol production for the week ending November 11th averaged 1.017 million barrels per day, up 15,000 on the week. Stocks dove more than 600,000 barrels to 18.609 million, the lowest since the week ending October 23rd, 2015.

The wheat complex was mixed with Chicago and Kansas City down on the higher dollar. The supply side of the market is bearish, but commercial demand has limited losses. Winter wheat planting is nearly finished and emergence is close to average. Minneapolis was mixed with nearby months up and deferred contracts down. DTN says Algeria bought 400,000 tons of wheat from several different origins, including the U.S.