(AgWeb) – A slowdown in exports of wheat and soybeans brought out a bearish market Tuesday, with losses for the grain and soy complex.
“Corn futures finished mostly 1 to 2 cents lower, soybeans finished mostly 6 to 7 cents lower, and wheat futures were mostly 5 to 10 cents lower, with HRW contracts leading losses there,” said Pro Farmer’s Brian Grete.
The reasons behind the drops were similar. “Wheat futures were pressured by ongoing sluggish export demand and forecasts calling for rain through areas of the southern Plains next week,” noted Grete. “Soybeans were pressured by softening demand. Weekly export inspections were down from a week ago and at the low end of traders’ expectations.”
The bearish sentiment also affected corn. “Corn futures were dragged down by spillover in beans and wheat,” Grete said. “A pickup in Midwest field activity was also price-negative today, although planting delays in the south limited seller interest.”
