Soybeans, corn finish lower on follow-through selling


Soybeans, corn finish lower on follow-through selling

Soybeans ended the Thursday session lower on harvest pressure and follow through selling. New crop soybeans were below $10.00 for part of the session but ended at $10.00 even. The steady string of exports trailed off, so some of the blame for the drop lies there, according to DTN. Brazil’s rèal was lower compared to the dollar making U.S. soybeans a less attractive export buy. There is some needed rain coming to Brazil and Argentina. It is so dry in that region that Brazil’s soybean production forecast has been lowered.

Corn was lower on harvest pressure and spillover from soybeans. There is generally good harvest weather in the forecast for the next couple of weeks, although some showers passed from Minnesota into Wisconsin on Thursday. Dry parts of Brazil and Argentina are expecting rain. Corn exports were quiet Thursday, but strong for the week. The USDA’s report Thursday listed 84.2 million bushels of corn in last week’s export sales. Among the top three customers were China, unknown and Japan. Ethanol margins are supported by the thrifty corn price.

Wheat ended mostly higher in Chicago and Minneapolis, but lower in Kansas City. That was after spending much of Thursday morning lower at all three exchanges. The pressure spilled over from row crops and the higher dollar. Wheat planting is progressing across the plains. DTN cited moisture as being decent, but follow-up rain is lacking. There’s rain in the forecast for wheat growing areas of Ukraine and Argentina. The USDA says U.S. wheat export commitments are seven percent more than a year ago. DTN says the bullish part of the wheat market is the uncertainty of how crops will turn out in early 2021.