The corn market traded lower on a slump in weekly export inspections data and ideas of increased SA corn production totals. The US sees stiff competition from Argentina, Ukraine and Brazil, currently.
Closes: May at $3.71 ½, down 1 ¾ cents, July at $3.80 ¾, down 1 ½ cents, and December at $3.94 ¾, down 1 ¼ cents.
Weekly inspections were reported at 795 tmt, in line with trade estimates of 750-950 tmt.
The Argentine corn harvest is underway with last reports at 6-7% harvested.Ideas are that their crop will get bigger as the farmer gets further into harvest.
Soybeans down 4 @ $ 8.11
Soybeans prices were lower on lack of progress toward an agreement on the US/Chinese trade talks. Prices saw additional pressure stem from ideas that a late spring planting season could show bean acres the same or higher than last year’s 89.1 million acres.
Brazil’s bean harvest was said to be near 65-70% complete with little or no issues. Farmers were also said to have been active sellers of beans of late
Closes: May at $9.05 ¾, down 3 ½ cents, July at $9.19 ¾, down 3 ¾ cents, November at $9.39, down 3 ½ cents. The products were mixed with meal down a buck and oil up 1 point.
Weekly export inspections came in at 842 tmt, near the low end of trade estimates at 800 tmt-1.0 mmt.