The USDA report on Tuesday had good news for Soybeans and friendly for Corn. Soybean projected ending stocks for 2009/2010 were up 5.5% and for 2010/2011 were up 8.0%. Corn ending stocks for 2009/2010 were down to 6.3% and for 2010/2011 were down 3.6%. World markets for corn carryover were up 2% and for soybean up 1%. Oil Crops Report
Plantings are still ahead of schedule.
Trading activity for soybean oil has been mixed but trending downward with a low volume of trading.
Corn seems to be getting the latest upward action. Exports were raised along with bushels to ethanol at 4.4 million vs. 4.3 million a month ago. Corn could see more upside action if a change in weather slows down planting or hurts early growth stages.
The lower crude market and the stronger U.S. dollar are helping to pressure this market downward.