Market News

Weekly export numbers pressure soybeans, corn

Soybeans were lower on fund and technical selling, along with the higher dollar. Weekly export numbers were neutral with good shipments against a marketing year low for sales following a big cancellation by unknown. The uncertainty surrounding South American weather continues to be a factor. The Buenos Aires Grain Exchange lowered its acreage estimate for Argentina. Soybean meal and oil followed beans lower.

Corn was lower on fund and technical selling, in addition to the dollar and profit taking. Weekly export numbers were bearish, with a new marketing year low for sales. Corn’s also watching conditions in South America, especially the impact of flooding in Argentina. U.S. corn remains cheaper than Brazilian corn. Ethanol futures were higher.

The wheat complex was mixed, with nearby Chicago months down, Kansas City weak, and Minneapolis firm. Unknown destinations bought 100,000 tons of 2016/17 U.S. hard red winter Friday morning, but the weekly numbers were bearish, with a marketing year low for sales. Most forecasts for the Southwestern Plains are dry through winter. Algeria bought 475,000 tons of optional origin wheat.