By Johns Perkins
Soybeans were sharply lower on fund and technical selling. The condition rating was down over the past week and the crop’s developing slowly, but there’s a slightly greater chance for rain in the weekend forecast. Past that – commodities and the broader market are keeping an eye on any new news regarding Syria. Soybean meal and oil were lower on spillover from beans and the fundamental implications of a large U.S. crop.
Corn was lower on technical and fund selling. The condition rating was down 3% over the past week and all major crop development categories are behind average, but, like beans, the trade expects better rainfall. Corn’s also looking at some fundamental concerns, while being very wary about a possible attack on Syria. Ethanol was mostly lower.
The wheat complex was mixed in consolidation trade. There was no real fresh news with world conditions looking good and the U.S. spring harvest going well, so contracts pretty much took the path of least resistance. South Korea bought 22,500 tons of U.S. wheat and Egypt picked up another 180,000 tons, 120,000 tons from Russia and 60,000 tons from Romania. Bangladesh is tendering for 50,000 tons of wheat.
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