Market News

Soybeans mostly higher, but finish well off the day’s highs

Soybeans finished the day mostly higher, as the market held on late in the day.  The trade continues to monitor crop development weather as 85 percent of the crop is in the pod setting stage. The USDA reported a sale of 136,000 tons of soybeans to China.  Other global soybean news has been relatively quiet.  The market is monitoring results from a major private crop tour. The USDA has 61 percent of the soybean crop called good to excellent, a 1 percent decline from the previous week. Crush margins continue to be solid.  Soybean meal did finish the day higher. 

Corn finished the day mixed, pulling back from its early highs.  The market continues to monitor crop development weather, as the forecast looks a little less active for parts of the corn belt. But temperatures could push the crop to maturity ahead of normal.  The trade is also monitoring results from a major private crop tour.  The Rosario Grain Exchange says July corn exports by Argentina were a record 5.14 million tons even as harvest continues to be delayed. Corn is also monitoring second crop harvest activity in Brazil. The USDA’s updated supply, demand, and production numbers are out September 11^th, with CONAB’s next look at Brazil slated for September 15^th.

The wheat complex was mostly lower.  Chicago and Kansas City were pressured, while Minneapolis was mostly higher.  The hasn’t been a lot of commodity movement out of the Black Sea region and that’s something the trade continues to monitor.   The trade is also watching U.S. harvest activity, along with some global crop weather issues. Stateside, for winter wheat, 96% of the crop is harvested, compared to the five-year average of 94%. For spring wheat, 52% of the crop is in good to excellent condition, up 1%, and 41% is harvested, compared to 34% on average. Globally, the trade’s keeping an eye on Argentina, Australia, Canada, Europe, Russia, and Ukraine.