Glacier FarmMedia – Shifting weather forecasts have the potential to sway soybean and corn futures within sideways trading ranges over the next few weeks as farmers in the United States focus on spring seeding.
Soybean futures recently hit multi-year lows, and “traders are now searching for something bullish to latch onto,” said Terry Reilly, senior agricultural strategist with Marex in Chicago, adding “I expect (the market) to chop around over the next few weeks until we get into the growing season.”
Demand for soymeal and soyoil will also dictate where the soybean market goes, with mixed activity on that front contributing to the two-sided activity in beans. Soyoil has tested lows recently, while meal moved higher.
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For corn, “there’s no real issues with corn planting,” said Reilly. He noted that soaking Corn Belt rains may cause seeding delays but added that there was still plenty of time to get the crop in the ground which will keep the corn market from rallying.
Wheat futures found strength over the past week, with concerns over cold conditions in Europe and a lack of moisture in Russia and parts of the U.S. Plains providing support.
“I expect the wheat market will remain in a wide sideways trading range over the next few weeks,” said Reilly, adding that values could retest their highs if rains don’t materialize in Russia.
