Market News

Soybeans rally from recent lows

Soybeans were higher on commercial and technical buying. Near term weather forecasts for South America are mixed, too dry in some areas, too wet in others. The South American crop is roughly at the early July stage of development. Early harvest activity in Brazil could start by mid-month, so increased competition for export market share is on the horizon. Soybean meal and oil followed beans higher. Weekly export sales are delayed until Friday.

Corn was higher on commercial and technical buying. Corn’s also watching the weather in South America, especially the flooding in parts of Argentina. The USDA’s new supply, demand, and production numbers are out on the 12th. Ethanol futures were lower ahead of the weekly EIA numbers Thursday. The report was delayed a day by Monday’s holiday.

The wheat complex was higher on commercial and technical buying, along with the mostly lower dollar. Temperatures in the north central Plains are cold and southern Plains are expected to stay dry. Winter condition ratings declined in some key U.S. states over the past month, including the top two production states and some of the Brownfield coverage area.