Soybeans were sharply lower on technical and speculative selling, along with spillover from the outside markets. The dollar was mixed but the Dow Jones Industrial Average and crude oil were sharply lower during futures trade; September crude oil was down $3.01 and while the Dow did close about 77 points lower, that was well above the lows of the day. August beans, meal and oil have expired, so September takes over as the new front month. Fundamentals remain supportive, but buying interest was low and crop weather forecasts look generally good over the near term. Also, there were 227 lots delivered on the August soybean contract this week. Ahead of the upcoming Pro Farmer crop tour, Dow Jones Newswires states that conditions are expected to vary widely depending on region. The National Oilseed Processors Association’s July crush numbers were smaller than expected, but due to tight supplies, not a lack of demand. The crush came out at 120.920 million bushels, compared to the average guess of 130.5 million and the June total of 133.145 million bushels. Soybean oil stocks were pegged at 2.804 billion pounds, under both the average pre-report projection of 2.859 billion and the June total of 2.907 billion pounds. Soybean meal and oil were lower following the lead of beans.
Corn was lower on technical and fund selling, along with the lower beans and outside market direction. There just wasn’t much interest in corn and the good crop weather is also a negative. Also, a new crop estimate from the University of Illinois shows production up from the USDA’s projection on Wednesday. Still, contracts managed to finish in the middle of the day’s pretty tight trading range. Similar to expectations for soybeans, Dow Jones Newswires says that the Pro Farmer crop tour results should be mixed with some of the crop too immature to take yield projections.
The wheat complex was mixed on oversold signals and short covering. Gains were limited by the lower corn, lower beans and negative fundamentals with a large available supply and neutral, at best, demand. Chicago finished steady to firm, Kansas City was steady to weak and Minneapolis was fully lower on the USDA’s most recent production forecast and generally good crop weather. Contracts are due for a bounce, but it’ll probably take a streak of fresh export demand along with some direction for corn, soybeans and/or the outside markets to put any oomph behind a rally. European wheat was lower on harvest pressure and a lack of new buying interest; November Paris was down 1.3% and November London was .4% lower. According to the North Dakota Wheat Commission, there’s a good chance that Japan will increase hard red spring imports to make up for domestic production shortfalls.
Latest: 
